Money
The African nation to house Chinese Bank’s $3b coal plant
China’s biggest bank has dumped plans to fund a 3 billion dollar coal-fired power plant in Zimbabwe.
The project has been in the works for two decades, but now looks in doubt as the Commercial Bank of China say they will now not fund the coal plant.
It was only last year that the ICBC signed a formal notice of interest to fund the bank.
A withdrawal is the second setback to the bank’s coal funding plans… after a permit to build a coal-fired plant in Kenya was canceled by the government.
The decision further narrows the funding options available to developers of coal projects in Africa as western and South African banks have come under increasing pressure from their shareholders not to fund developments.