World Economy

EU Grants Zambia $69m

EU Grants Zambia $69mEU Grants Zambia $69m

The European Union has granted about $69 million to Zambia to expand electricity supply as the East-African nation faces a power deficit, AllAfrica reported. According to the EU, the grant would fund projects to provide access to reliable and affordable electricity to at least 63,000 households and small businesses. The lack of reliable power is hitting Zambia’s economy, as people struggle to make a living without electricity half the day, local media say. Unless heavy rains come to Zambia soon, the country will face a heavy economic bill from climate change. The copper mining industry, which accounts for 70% of Zambia’s foreign exchange earnings, is hobbled by the country’s power problem.

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