PRESIDENT Emmerson Mnangagwa yesterday bemoaned lack of funding for various infrastructural projects, admitting that investors were shunning his administration.
In a speech at the ground-breaking ceremony of Centragrid
Solar Farm expansion project at Nyabira, Mnangagwa, who was represented by
Defence minister Oppah Muchinguri, said funding for key projects continued to
elude his government.
Currently, the Nyabira project along Harare Chinhoyi Highway
is adding 2,5 megawatts (MW) to the national grid.
“Most lenders shy away from providing funding for our
projects because of perceived risks emanating from sanctions imposed on us,”
Mnangagwa said.
The disclosure is contrary to government claims that
investors were stampeding to fund projects since Mnangagwa came into office in
2017. Government has announced a number of mega deals that are yet to take off.
Mnangagwa said while the country was targeting production
of 2 000MW of power, funding was not forthcoming.
“The target is to generate power of 2 000MW capacity from
renewable sources by 2030. This will not be reached without adequate funding.
“Many renewable projects, in particular solar have been
licensed by the regulator. In fact, the capacity of these far exceeds our
target, but most have failed to take off because they could not secure
funding,” Mnangagwa said.
“We cannot fold our hands and continue to cry, we should
come up with innovative ways to fund these projects.”
The National Social Security Authority (Nssa) and Old
Mutual are funding the expansion to the tune of US$$30 million.
Nssa will provide US$$8 million while Old Mutual will cover
the balance to produce 22,5MW of power.
Energy minister Soda Zhemu said Zimbabwe continued to face
power challenges owing to antiquated infrastructure and droughts which affected
hydro-powered plants.
Zhemu said the coming of private players into the energy
sector would alleviate the country’s electricity problems which have seen heavy
load shedding regimes which negatively impacts industries and homes.
The ground-breaking ceremony, which was initially supposed
to be addressed by Mnangagwa was moved from 10am to 2pm, with Vice-President
Constantino Chiwenga expected to officiate. But he did not show up and
Muchinguri was “pulled” out of her annual leave to come and preside over the
function. Newsday
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