Africa GreenCo Group, through its Zimbabwean operating subsidiary, ZimGreenCo Power Services (Pvt) Limited (together GreenCo) is delighted to announce significant milestones that underscore our commitment to advancing the renewable energy sector in the region and fostering sustainable development. COP 28 provided the perfect backdrop to formalise the arrangements by which Zimbabwe Electricity Transmission & Distribution Company (ZETDC) will provide GreenCo with access to the Zimbabwean national electricity network in order to conduct electricity trading activities within Zimbabwe. This grid access will enable GreenCo to support the development of renewable energy generation in Zimbabwe and to provide new sources of supply to the many burgeoning Zimbabwean businesses that urgently require additional power to implement their ambitious expansion plans. Read more on Financial Insight
Zambia’s Copperbelt Energy Corporation (CEC) will issue the southern African country’s first green bond by the end of the year, the power company said on Tuesday, with a $54 million note to be sold as part of a $200 million green bond programme. The proceeds will be used to fund solar energy generation, as part of the company’s aim to generate 200MW of renewable energy, Owen Silavwe, CEC’s chief executive officer said in a statement released on the sidelines of the COP28 climate summit. Green bonds have grown in popularity globally as policymakers and financiers seek market-driven ways to tackle climate change. It is also part of a broader rise in finance linked to environmental, sustainability and governance (ESG) goals. Zambia finalised regulations for issuing green bonds locally to support climate-related projects in December 2022. “We anticipate that (CEC’s announcement) will catalyse the listing of more green bonds as a means of capital raising for green initiatives and contribute towards deepening capital in our country,” Nonde Sichilima, a director at Zambia’s Securities and Exchange Commission, said in the announcement. Read more: Reuters
The Bank of China plans to use its office in Zambia to increase trade using renminbi with the southern African nation and others in the region, part of Beijing’s efforts to diminish use of the dollar. The plan announced by the lender’s vice president, Lin Jingzhen, follows a state visit that Zambian President Hakainde Hichilema undertook to China in September during which the two governments agreed to conduct more business using their own currencies. The world’s fourth-biggest lender by assets, state-owned Bank of China is the nation’s only bank with a presence in Zambia and operates as a clearing facility. Read more: Bloomberg
Stanbic Bank Zambia Limited has partnered with Dangote Cement Industries to increase the number of housing units being constructed under its initiative targeting at least 150 houses annually. Zambia reportedly requires over 200,000 housing units annually to narrow its current house deficit. Its flagship ‘Buy-a-Brick’ campaign is a programme the institution is using to bridge this gap. In a statement issued on Tuesday, Head, Brand and Marketing, Eric Ngondo, explained that the institution had partnered with Dangote to increase the number of low-cost houses being constructed under the ‘Buy-a-Brick’ campaign. The bank envisages that the partnership with Dangote would lead to a further 50 housing units annually. Read more: Zambia Monitor
Zambia is reported to have recorded investment leads worth US$3.5 million in different sectors of the economy at the 2023 Intra African Trade Fair (IATF) that was held in Cairo, Egypt. This is according to the Zambia Development Agency (ZDA) in a statement on Monday. The trade fair took place from 9th to 15th November, 2023. Key interests in Zambian products were registered from various African countries including Kenya, Ghana, Egypt, Botswana, Uganda, Malawi and Senegal, according to Kwali Mfuni, ZDA Head Communications and Public Relations. Other countries cited were Zimbabwe, Togo, Rwanda, South Africa and non-African countries including the USA and Russia. “The Agency up scaled Zambia’s participation at the third IATF moving from five (05) companies in 2018 to 25 companies in 2023,” Mfuni said. Read more: Zambia Monitor |
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