African Bank Injects $150M Into Zambia Power Plant Project

Law360, New York (October 7, 2013, 7:02 PM EDT) -- The African Development Bank on Monday approved a $150 million senior loan to Maamba Collieries Limited to help finance an $800 million coal power plant currently under construction in Zambia.

Part of the money will also buy environmental and safety upgrades at Maamba's Zambian coal mines, which lack regulations and are prone to spontaneous fires, the bank said. The power plant is supposed to reduce Zambia's near-total reliance on hydroelectic power, which is very sensitive to drought, according to Maamba.

"By capitalizing on readily available low-grade...
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