Thu Sep 12 08:15:56 UTC 2024: ## Zambia Urges World Bank Action to Prevent Economic Shutdown
**Lusaka, Zambia – September 12, 2024** – President Hakainde Hichilema has appealed to the World Bank Group to take decisive action to prevent Zambia from facing an economic shutdown. He emphasized the need for the World Bank to approve the Catastrophe Deferred Drawdown Option (Cat DDO) which would provide vital financial support to the country. The Cat DDO is a contingent credit line designed to offer immediate liquidity to International Bank for Reconstruction and Development (IBRD) member countries in the wake of natural disasters.
Meanwhile, the Zambezi River Authority (ZRA) has announced the completion of a feasibility study for the Batoka Hydropower Station, a major development project between Zambia and Zimbabwe. The study, which included assessments of the dam structure, powerhouse design, and power output, paves the way for the next phase – a comprehensive Environmental Impact Assessment (EIA). The EIA is expected to be finalized by the first quarter of 2015.
ZRA CEO Munyaradzi Munodawafa highlighted the ongoing work by consultants and confirmed an upcoming site visit by a project committee comprised of senior government officials, utility representatives, and ZRA representatives later this month. Upon completion of these processes, ZRA will select a developer for the project, enabling them to determine its actual cost. The Batoka hydropower project, estimated to cost approximately US$4 billion, is a joint venture between Zambia and Zimbabwe, as outlined in a recent Memorandum of Understanding (MoU).
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