Metro

Zambia receives $100m World Bank grant to support energy sector

Published

2 months ago

March 18, 2024

The Zambian government has announced receiving a $100 million grant from the World Bank Group to support its energy sector.

The new grant is coming barely a month after the World Bank approved a grant of $270 million under the Transport Corridors for Economic Resilience (TRACER) Project.

Finance and National Planning Minister, Dr Situmbeko Musokotwane, who disclosed this in a statement in Lusaka on Sunday, said the grant would be implemented under phase one of the Zambia National Energy Advancement and Transformation (NEAT) programme, covering the period 2023 to 2033.

Musokotwane stated that the NEAT programme was “designed to increase financial sustainability, operational reliability and resilience of the electricity sector in Zambia.”

He stressed that the programme’s total resource envelope would gulp $700 million for over a period of 10 years and the World Bank’s first energy project in Zambia since 2018.

Musokotwane explained that the NEAT programme would adopt a Multi-Phase Programmatic Approach (MPA) over the estimated 10 year period.

“Under phase one of the NEAT programme, a grant of $100 million had been approved for disbursement from the pledged total of US $700 million, scheduled for disbursement between 2024 and 2026,” the minister said.

Musokotwane also explained that the World Bank disbursement of the grant was a “clear demonstration of the confidence the Bank had on Zambia’s home-grown strategic reforms and in the country’s recently strengthened public financial governance credentials, among other factors.”

“The Government of the Republic of Zambia conveys a special appreciation to World Bank Group, President Ajay Banga, and his teams at headquarters, in the region and the country office, for the exceptional generosity,” Musokotwane said in the statement.

“The World Bank’s approval of the NEAT Programme is timely because it will deliver immediate financial boost to ZESCO and support the procurement process for non-hydropower renewables at this critical time when Zambia is experiencing an extensive drought.”

The Minister added that for the Rural Electrification Authority (REA), the grant would be “channeled towards operationalization of the Rural Electrification Fund to ensure financial sustainability of capital expenditure for social objectives while increasing energy access for the country’s outlying areas.”

He noted that the NEAT Programme would further augment the government’s efforts in enhancing reliability and climate resilience of the electricity sector by supporting implementation of the ZESCO strategy for improved customer management, reliability of supply and system resilience to climate change.

“Save for the devastating effects of the drought, which we will able handle to ensure that none of our fellow citizens starve, our reform process is on course,” Musokotwane said.

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Metro

Nigerian govt denies bribery allegation by Binance CEO

Published

2 hours ago

May 9, 2024

Akanimoh Etim

The Nigerian government has countered allegations by the CEO of cryptocurrency exchange giant, Binance, Richard Teng, that some government officials demanded a $150m bribe to settle the ongoing criminal charge filed against the firm.

In a publication carried by by the New York Times on Tuesday, Teng had alleged that unknown persons made the bribe demand to Binance officials shortly after they held a meeting with Nigerian lawmakers on January 8.

In the article, Teng accused the unidentified individuals of acting on behalf of government officials to demand $150m in cryptocurrency to resolve the tax evasion and money laundering case against the company and its officials.

Teng also claimed that the purported agent demanded “a significant payment in cryptocurrency to be paid in secret within 48 hours to make the issues go away.”

But in a statement on Wednesday, Minister of Information and National Orientation, Mohammed Idris, described the allegations as blackmail aimed at tarnishing the image of the country.

The Minister further dismissed the claims as “baseless and part of a wider attempt by Binance to evade accountability for alleged criminal activities.”

The minister noted that ongoing investigations against Binance in Nigeria centred on allegations of money laundering, terrorism financing, and illegal trading activities facilitated through its platform, stressing that it would not succumb to blackmail or coercion.

“This claim by Binance CEO lacks an iota of substance. It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria,” Idris said.

“They lack any evidence and are merely a diversionary tactic employed by Binance to deflect attention from the serious charges it faces in the country.

“We would like to remind Binance that it will not clear its name in Nigeria by resorting to fictional claims and mudslinging media campaigns. The only way to resolve its issues will be by submitting itself to unobstructed investigation and judicial due process.

“The Nigerian government, therefore, pledged to address the legal issues surrounding Binance operations in the country.

“The government of Nigeria will continue to act within its laws and international norms and will not succumb to any form of blackmail from any entity, local or foreign,” the Minister added.

Metro

‘Rights must go with responsibilities,’ traditional leader cautions on use of social media

Published

19 hours ago

May 8, 2024

Akanimoh Etim

Mansa, Luapula Province: Annette Katema, the Head Woman of Chitumbi Village in Mansa District, voices concerns about the detrimental effects of irresponsible social media usage.

In a recent interview with Zambia Monitor, Katema argued that social media platforms were contributing to delinquency among the youth, particularly platforms like WhatsApp, TikTok, and Facebook.

“Children are being exposed to inappropriate content on WhatsApp, which is harmful to their upbringing. Social media platforms are fostering moral decay,” remarked Head Woman Chitumbi.

She stated that this trend undermined the cultural values that were essential for societal cohesion.

Katema expressed reservations about the prevalence of nudity and offensive language on social media, calling for stricter moderation.

She advocated for proactive measures to steer young people away from harmful online content, suggesting the revitalization of traditional recreational activities like playhouses and sports.

“Instead of solely relying on punitive measures, let’s invest in creating positive alternatives to counter the allure of social media,” Katema proposed.

She urged the youth to uphold traditional values alongside their digital rights, stating the importance of responsible behavior online.

“We should not lose respect in the name of digital rights because rights should go with responsibilities,” the traditional leader said.

This story is sponsored content from Zambia Monitor’s Project Aliyense.