Defaults Raise Southern Africa Hydro Project Cost to $5 Bill

(Bloomberg) -- Sovereign defaults by both Zambia and Zimbabwe have escalated the Batoka Gorge hydro-electric project cost, with the estimated price climbing 23% to almost $5 billion. The plan, which is being developed by General Electric and Power Construction Corporation of China Ltd., needs credit support, the Zambezi River Authority said in an emailed response…

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