On 04 March 2024, the Eastern and Southern African Trade and Development Bank Group (TDB Group), through the Trade and Development Fund (TDF), extended a 3-year USD 2 million term loan to MPower Ventures Zambia Limited to improve access to modern and affordable energy solutions for household and productive use through the importation and retail of solar products to off grid communities in Zambia. TDB Group is committed to support its member states achieve their national priorities by providing innovative finance solutions in critical sectors that promote sustainable development.
In a significant move aimed to bolster access to clean and affordable energy solutions in Zambia, the Eastern and Southern African Trade and Development Bank Group (TDB Group), on March 4, 2024, extended a three-year, USD 2 million term loan to MPower Ventures Zambia Limited. This investment, facilitated through the Trade and Development Fund (TDF), is set to catalyze the importation and retail of solar products, thereby enhancing energy access for off-grid communities across the country.
Our desire is to ensure universal access to affordable and sustainable electricity for all our people throughout the country. Increasing private and public investment in all parts of the country is very important. Essential, cost reflectiveness in the electricity tariffs is another issue. We want to attract more investment and contribute to our goal of energy sufficiency and surplus.
Hakainde Hichilema , President of the Republic
To enhance access to household energy solutions, MPower Zambia plans to construct 50 new rural energy hubs. These hubs will serve as vital infrastructure nodes that extend energy access to both domestic and public facilities. The establishment of these hubs is anticipated to generate 30 direct jobs and over 500 indirect employment opportunities, thereby stimulating economic activity and improve livelihoods in impoverished communities.
We are pleased to extend this facility to MPower as it allows us to provide concessional financial solutions to SMEs which have traditionally struggled to attract adequate financing from the formal banking sector, yet spur change and transformation within our communities, bringing about green growth opportunities and sustainable development, which is what we desire to see across the region.
Gloria Mamba, Executive Director of Trade and Development Fund
MPower Zambia, the recipient of this funding, is poised to broaden its deployment range of plug-and-play household solar devices and market-driven productive assets such as freezers, sewing machines, and water pumps. Targeting lower- and middle-income households, SMEs, and farmers in peri-urban and rural areas. This initiative aims to address the prevalent energy deficit and foster sustainable development.