19 March 2012 – The private sector owned Copperbelt Energy Corporation (CEC) and the Africa Finance Corporation have signed a memorandum of understanding to collaborate on the development, investment and operation of selected power projects in Africa.
Projects that will be developed through the new partnership include the Kabompo Gorge hydroelectric project in northwestern Zambia at a cost of greater than US$150 million, and the Luapula Hydro schemes in Zambia’s Luapula province at a cost of US$1 billion. The agreement will also cover investment in other African countries.
CEC owns and operates an electricity transmission network on the Zambian Copperbelt, supplying power to the mining industry, and is developing a number of new projects in the energy and telecommunications sectors. CEC is a publicly traded company, listed on the Lusaka Stock Exchange.
AFC is a hybrid investment bank and multilateral development financial institution established by treaty amongst sovereign States. AFC has a paid-in capital in excess of US$1.1bn and has a mandate to invest in infrastructure related projects throughout the continent of Africa.