- RioZim executives have denied that ICBC has pulled out of the coal project
- The RioZim coal plant project costs $3 billion
Contrary to several media reports, the funding for the Sengwa coal-fired power plant project is still on track. Recent media reports alleged that the Industrial and Commercial Bank of China (ICBC) allegedly pulled out of the agreement to finance the coal project bowing to pressure from environmentalists opposed to coal-fired projects. However, there has been no official communication by the ICBC and the Zimbabwean government on the allegations.
Some executives from the Rio Tinto Zimbabwe Limited (a party to the Joint Venture), who spoke under the condition of anonymity said, “We do not have any conclusive report that they abandoned the project, or that they have written any letter to say that they have exited the deal.”
“There is no communication from them (and if those who say the funding deal has been terminated have seen the communication from ICBC), they should just publish it,” said an executive who has inside knowledge of all internal affairs of the company,” they added.
The Sengwa coal project will tap into the 1.3 billion tonnes of coal resource to generate up to 2,000MW of electricity. The project involves the construction of smaller power plants over the next ten years,