The African Development Bank (AfDB) has provided support for the Batoka Hydroelectric project, in terms of advising how funds can be secured for the construction of the 2,400MW Power Project.
According to Elizabeth Karonga, the Public relations and communications manager at the Zambezi River Authority (ZRA), the bank is advising the authority on raising funds for the project and it is likely that it will reach financial closure by the end of the year.
A conclusion of the legal and financial advisory studies was in July 2016. This also applies to the environmental and social impact assessment studies as well as the legal and financial advisory studies.
Furthermore, Karonga says studies show that once the construction of the Batoka Hydroelectric Project between Zambia and Zimbabwe commences, it will see a creation of 6,000 jobs.
The project will cost approximately US$4bn. Batoka hydroelectrc project has faced resistance from local communities. Some people feel that it has the potential of negatively impacting the Victoria Falls.
However, according to Munyaradzi Munodawafa, the CEO of the ZRA, feasibility studies undertaken on the site have allayed environmental fears to the Victoria Falls, which is upstream. The reservoir will be fully contained in the gorge. There will be no resettlement necessary for the dam.