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Harare Bureau
INDIA has pledged to assist Zimbabwe boost its power generation through investment in the energy sector.

In an interview yesterday during commemorations to mark India 72nd Independence celebrations, India ambassador to Zimbabwe, Mr Rungsung Masakui, said his country had provided loans worth about $500 million towards power generation.

“We have a line of credit with soft loan programme. This facility is a loan for 25 years at the 1,7 percentage interest rate per annum with a grace period of five years for all the payment of those principles.

“So this is a soft loan that we extend to friendly countries. So we have this project which was $20, 6 million but we have injected an additional $19 million.

“The second project is the Bulawayo power thermal station project which is for expansion of the power station. We signed the agreement in 2015 for $87 million but when we tendered it has become more than that; so we are seeking an additional loan of about $23 million,” he said.

He said there was a proposal for the expansion of the Hwange power station.

“This is the anchor of Zimbabwe’s energy today with a total capacity of 900 Megawatts (MW) but generating capacity of between 450 and 500 MW. India has been associated with this project for a long time,” he said.

Ambassador Masakui said the Zimbabwe Power Company had requested for a soft loan.

“Now Zimbabwe Power Company (ZPC) has requested for a soft loan for the expansion of this project. With an injection of $300 to $350 million ZPC can increase capacity by 300 MW,” he said.

Ambassador Masakui said India’s engagement with Africa would continue to be guided by principles.

“Africa will be the top of our priorities. We will continue to intensify and deepen our engagement with Africa.

“Our development partnership will be guided by your (Africa) priorities. It will be on terms that will be comfortable for you that will liberate Africa’s potential and not constrain her future.

“We will rely on African talent and skills. We will build as much local capacity and create as many local opportunities as possible,” he said.

Ambassador Masakui said August 15 was important for India as it was the day the political struggle against an imperial power resulted in independence.

“Independence Day is always special but this year there is an unusual significance attached to it. In a few weeks on the 2nd of October we will begin the commemoration of the 150th birthday of Mahatma Gandhi.

“Gandhi did not just lead our freedom struggle but was and is still in our moral compass. Everywhere across continents, Gandhi is mentioned, cherished and remembered as an icon for all humanity. He is the embodiment of India,” he said.