German development bank Kreditanstalt fur Wiederaufbau (KfW) said it will grant funds of $23.5m to Electricidade de Mozambique (EdM), which will help to re-develop two hydro projects in Mozambique.
The funds to renovate the plants, 38.4 MW Chicamba and 52 MW Mavuzi, is said to be part of the contract which is signed by both the parties.
EdM has outlined revival plans with an investment of $120m after the company acquired the abandoned plants.
Meanwhile, the company has already secured remaining funds from overseas investors including $46.1m from Swedish investors and $65.5m from French investors.
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