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FNB, NWEC in $20m power distribution deal

FNB Zambia has partnered with North Western Energy Corporation to finance the management of electricity distribution in non-mining areas of three districts.

First National Bank (FNB) Zambia acting head of business and commercial banking Lubasi Katundu disclosed that the financial institution has invested US$20 million in the partnership.

Katundu said the three-year partnership and investment would go towards helping to manage electricity distribution in the non-mining areas of Lumwana, Kalumbila and Solwezi.

“Being part of the $20 million overall investment demonstrates FNB’s ability and ambition to enable our clients’ visions for the future,” said Katundu in a statement. “We believe that this venture serves as another clear example of FNB Zambia’s commitment to playing a pivotal part in driving growth and development by securing current and future infrastructure and local job creation demands in North-Western Province and beyond.”

North Western Energy Corporation (NWEC) has supported the supply of power to over 4,000 households the last 13 years.

The company has also enabled the connection of commercial entities supporting the population in the area such as banks, filling stations, schools and clinics.

The financing partnership will ensure the continuation and extension of power supply to nearly 10,000 households and businesses.

And welcoming the partnership, NWEC chairman Kenneth Kamanga expressed great pleasure.

“Our organisation is thrilled to have a banking partner that recognises pressing topical challenges and is prepared to invest in impactful and workable initiatives to address them,” said Kamanga.

Source: The Must

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