Energy expert nods revision of electricity tariffs for poor
MAfDB vice president and Chief Financial Officer, Hassatou N’Sele,
required to meet the
High Five priorities.
These are Light up and Power Africa; Feed Africa; Industrialise Africa; Integrate Africa and Improve the quality of life for the people of Africa.
This partnership will allow the Bank and ILX to support non-sovereign operations in these key priority sectors.
AfDB vice president and Chief Financial Officer, Hassatou N'Sele, said the institutions had a strong track record
Bank’s of structuring and financing projects with a strong development impact.
“We are very pleased to be partnering with ILX to mobilise institutional capital with a Sustainable Development Goals focus. Our objectives are aligned, and the African Development Bank has a strong track record of structuring and financing projects with a strong development impact,” Mr N’Sele said.
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THE decision to reduce electricity tariff price by 40 ngwee for medium consumers while placing a burden on big consumers is extraordinary, says energy eExpert, Johnstone Chikwanda.
On Friday last week, the Energy Regulation Board (ERB) approved lower electricity tariffs for low-income households that consume 100 units or less per month.
The new tariffs will take effect on May 1, 2023.
Households that consume 100 units or less per month will now pay K0.65 per unit, down from K0.90 per unit. ILX’s investors are the Dutch This means that a housepension fund asset managers hold that consumes 100 units APG Asset Management, with per month will save K25 per other Dutch and European month. pension fund participants in Commenting on this deILX successor funds expected velopment, Dr Chikwanda to join in the future. said this was fair considera
ILX Fund I provides a scalation for the low and medium ble US$1 billion private credit class customers. investment strategy to be deHe said the small electriciployed across emerging and ty price increase by 10 ngwee developing countries, co-fiper unit for those who used nancing with global Multilaterbetween 100 units and 300 al Development Banks (MDB) units was equally welcome in and other DFIs. that 10 ngwee was relatively
ILX Founder and Chief Exaffordable given that there ecutive Officer, Manfred Schephad been no increase for four ers, said the institution was years. looking forward to a long-term “The decision which has partnership with AfDB on bebeen made by the ERB to uphalf of its pension fund inveshold the life line at 100 units tors, which were becoming key for the vulnerable segment of counterparts to finance SDG our society while at the same and climate-finance projects time reducing the electricity across the emerging markets. price by 40 ngwee per unit for “We look forward to a longcustomers who use between term partnership with AfDB 300 units and 500 units is a on behalf of our pension fund welcome and unprecedented investors, which are becoming development given that the key counterparts to finance last electricity price increase SDG and climate-finance prowas 113 percent in 2019,” he jects across the emerging marsaid in a statement on Monkets,” Mr Schepers said. day.
INSECTICIDE ON PROMOTION
Dr Chikwanda also welcomed electricity price reductions for commercial customers who used less electricity.
He observed that the pattern in the ERB decision placed more responsibilities on customers who used a lot of electricity than those who consumed less electricity.
Dr Chikwanda encouraged consumers who used a lot of electricity to find means and ways of reducing their dependence on Zesco.
“The overall increase is aimed at placing the industry on a more attractive drive way in order to accelerate investor pledge actualisation and fair return.
“I commend all the stakeholders who participated in the lengthy and cumbersome process of electricity price revision which started three months ago,” he said.
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