ZESCO borrowed $60m to connect customers, Parley committee hears

2nd December 2021

Local

Zesco MD Victor Mundende when he appeared before the Parliamentary Committee on Parastatal Bodies on December 1, 2021 - Picture by Mwenya Mofya

Local

Zesco MD Victor Mundende when he appeared before the Parliamentary Committee on Parastatal Bodies on December 1, 2021 - Picture by Mwenya Mofya

ZESCO Limited Director of Strategy and Corporate Services Patrick Mwila has disclosed that the company borrowed $60 million from commercial banks between 2015 and 2019 in order to connect customers. And Energy Regulation Board (ERB) acting Director General Fred Hang’andu says the cost of service study is likely to be completed within December. Meanwhile, Ministry of Energy Permanent Secretary Francesca Zyambo has admitted that Zesco purchased power from Mozambique at a loss because the country was in a desperate situation. Appearing before the Committee on Parastatal Bodies, Wednesday, Mwila said Zesco had been writing to ERB in order to increase connection fees. “On the low connection fees, we have been applying to the ERB to increase that to cost reflective....

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