Despite experiencing biting energy shortages Zambia has had to delay a planned new hydroelectric power station by a year because of the global financial crisis, the World Bank announced Tuesday, according to dpa. The 750-megawatt (MW) Kafue Gorge Lower Hydropower Project, which is predicted to cost 1.5 billion US dollars, is aimed at ending recurrent power outages in Zambia and increasing power to the country's mines. The International Finance Corporation, the World Bank's private sector investment arm that is advising the government on financing for the project, said it did not expect financial institutions to make funds available to the project until end 2009. The financing agreement was initially slated for completion by January 2009.
