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PRESS RELEASEMarch 15, 2024


WORLD BANK BOOSTS SUPPORT FOR THE FINANCIAL SUSTAINABILITY, RELIABILITY, AND
RESILIENCE OF ZAMBIA’S ELECTRICITY SECTOR



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LUSAKA, March 15, 2024 — A new National Energy Advancement and Transformation
Program (NEAT), a multiphase program supported by the World Bank, will help
Zambia step up the financial sustainability, reliability, and resilience of its
electricity sector by 2033.

The $700 million NEAT program will help Zambia’s national power utility, ZESCO,
return to sustainability, attract new private sector investment at scale to
enable new growth, and deliver more inclusive development across the national
territory. In doing so, it will also help to enhance the energy sector's climate
resilience through diversification of the energy mix.

The first phase of the program, which runs from 2024 to 2026, will provide a
$100 million grant to improve ZESCO’s financial performance and operational
reliability, and strengthen electrification financing mechanisms supporting the
Rural Electrification Authority (REA). It will also improve Zambia's procurement
process for non-hydropower renewable energy projects.

"This International Development Association* (IDA) grant represents an important
step towards supporting Zambia to secure a sustainable and resilient energy
future for its people. We are hopeful that by addressing the immediate financial
challenges and laying the groundwork for a diversified energy portfolio, we are
setting the stage for long-term economic growth," said Achim Fock, World Bank
Country Manager for Zambia.

The NEAT program will facilitate the implementation of the government’s recently
launched Integrated Resource Plan and is underpinned by ZESCO’s and REA’s own
multi-year strategic plans.

"The deliberate focus on increasing renewable energy capacity by a substantial
1,458 megawatts demonstrates the World Bank’s commitment to supporting Zambia to
diversify its energy sources and enhance climate resilience,” said Yadviga
Semikolenova, World Bank Practice Manager for Energy in Eastern and Southern
Africa.

The NEAT program demonstrates the World Bank's commitment to supporting Zambia's
energy policies contained in the 8th National Development Plan (8NDP), Vision
2030, and National Energy Policy (NEP). The program also aligns with the World
Bank's goals of ending extreme poverty and boosting prosperity on a livable
planet by enabling access to reliable and sustainable energy sources.

*The World Bank’s International Development Association (IDA), established in
1960, helps the world’s poorest countries by providing grants and low to
zero-interest loans for projects and programs that boost economic growth, reduce
poverty, and improve poor people’s lives. IDA is one of the largest sources of
assistance for the world’s 74 poorest countries, 39 of which are in Africa.
Resources from IDA bring positive change to the 1.3 billion people who live in
IDA countries. Since 1960, IDA has provided $496 billion to 114 countries.
Annual commitments have increased steadily and averaged about $34.7 billion over
the last three years (FY20-FY22), with about 70 percent going to Africa. Learn
more online: IDA.worldbank.org. #IDAworks



--------------------------------------------------------------------------------

PRESS RELEASE NO: 2022/135/AFE


--------------------------------------------------------------------------------


CONTACTS

Zambia
Carlyn Hambuba

chambuba@worldbank.org
Washington
Daniella van Leggelo-Padilla

dvanleggelo@worldbank.org

--------------------------------------------------------------------------------


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