ENERGY PROSPECTS BRIGHT AFTER HH’S FRANCE TRIP-ENG KAISALA
By Alex Vumba
President Hichilema’s recent trip to Paris, France, which culminated in the commencement of the country’s highly sought-after debt restructuring deal has injected new life into the country’s energy sector, says Eng. Charles KAISALA.
President Hichilema, who arrived back from France amidst a thunderous welcome, made history last week Thursday when he secured a debt restructuring deal amounting to US$6.3 billion.
Eng. KAISALA who congratulated the President on the milestone achievement, notes that the feat breathes fresh air for Zambia’s economy.
The breakthrough, according to Eng. KAISALA, who spoke on the significance of the milestone shortly after witnessing the President’s return, said the historic feat marked a turnaround in Zambia’s persuit for economic emancipation as it spurred investor confidence.
Also hailing the milestone as ‘historic’, Eng. KAISALA said the feat comes at a critical time when the global community grapples with energy crisis across the global community emanating from the Russia war, pandemic and climate change.
Eng. KAISALA, who chairs the ruling UPND’s Energy Sector, said with commissioning of the the 750 MW Kafue Gorge Lower Hydropower plant in late April were crucial steps in mitigating the power deficit in the country.
He said the COP27 Climate Change Summit on energy and transport deals held in Egypt in November 2022 and attended by President Hichilema was a key highlight in ensuring energy efficiency not only for Zambia but the world at large.
“The correlation between the debt deal and the persuit for investment in the energy sector cannot be overemphasized. That deal, which raises Zambia’s international image, is also good for this sector as it allows both electricity and petroleum subsectors to benefit. That’s why it’s important to clinch such deals. Such deals enhances investor confidence,” said Eng. KAISALA.
In 2020, the copper-rich country became the first African nation to default on its debt payments during the pandemic. It was burdened by loans and high interest rates that severely restricted the government’s ability to invest in critical social programmes and infrastructure development, both crucial for economic growth.