Export-Import Bank of India rejects Zimbabwe's proposal
The Export-Import Bank of India (EBI) has rejected a revised proposal to rehabilitate the Deka Pump Station. The pump station draws water from the Zambezi River that is used to feed the Hwange Power Station.
The EBI was supposed to finance the project. They signed a proposal for $28, 6 million in 2013. However, they rejected a new proposal after the project cost had gone up to $39 million.
Speaking to parliament last week, ZESA Holdings group chief executive officer, Josh Chifamba said:
EBI has, turned down the request to implement the Deka project in phases. They advised that they will carry out an independent assessment to ascertain the cost of implementing the whole project at once.
After the independent assessment and if there is confirmation that there is additional funding required, the additional funding will be subject to approval by Government of India, through EBI and the government of Zimbabwe.
More: Financial Gazette
