Source: Zimbabwe gets loans to boost electricity supplies | CGTN Africa
Since May, many children have been doing their homework by candlelight because of blackouts
Zimbabwe has secured two loans of more than $42.5m (£35.3m) from India to boost the generation of electricity in the country, the state-run Herald newspaper reports.
The government announced that the finance minister had concluded the loan agreements in the last few months, the paper says.
But the $23m and $19.5m loans obtained from the Export-Import Bank of India are unlikely to immediately ease rolling blackouts.
The paper says the loans are for upgrading power plants in Bulawayo and Hwange.
Since May, power has only been available in Zimbabwe for seven hours each day, coming on late at night.
Business representatives believe the blackouts have cost the country $200m in lost revenue.
The government has blamed a drought that has led to low water levels at the major hydro-electric dam, Kariba.
It also has little financial capacity to import all its power needs.
COMMENTS
Are the loans adequate for our Corruption Cartels?
Loans? For who? More like theft, that money is going straight into Zanu PF chefs personal foreign accounts.
Which parts of Zimbabwe will be handed over to India when these loans are not repaid? We must surely be running out of countries to borrow money from now. We’ve already been to US, UK, China, Esatern Europe, Russia, now where to? India. Soon we’ll be borrowing from Hawaii or Fiji.
You lot are well and truly stuffed. Loans like the above do not come cheap, they will need repaying. Normally loans tend to become less arduous as time goes by, due to inflation and increased cooperate wealth, helped by the said loan? however in your case its a downward spiral, so the loan charges (to you!) increase as time goes on. Remember the inflation which is probably now 250% is only within Zimbabwe. Internationally its the other way around, and the loan will be in US$. You are not worth anything – skint – banko – with no prospects and going down fast. The last corespondent is correct, where next and I say at what rate of interest? Replacing the currency was a foolhardy mistake, nobody could imagine this being done; so as it was so rushed and highly prized by the soothsayers of goverment, What is in it for them? It’s like the cat; if it smells a rat; there is a rat.