Tanzania and Ethiopia announced that they had inked agreements with South Korea for billions of dollars in loans, as part of larger deals that will provide the Asian nation access to Africa’s vital mineral riches and massive export market.
According to reports, South Korea will host at least 30 heads of state this week, including Tanzania and Ethiopia, for a South Korea-Africa summit.
Tanzania has announced that it will borrow $2.5 billion from South Korea in concessional loans over the next five years.
According to presidential spokesperson Zuhura Yunus, the East African country has inked two agreements with Korea over the utilization of its ocean resources and minerals utilized in clean energy technologies such as nickel, lithium, and graphite.
Meanwhile, Ethiopia, which has a fast-growing economy of 126 million people, has signed a $1 billion funding agreement for infrastructure, science and technology, health, and urban development, according to the state-affiliated Fana news agency.
Tanzanian President Samia Suluhu Hassan is also looking for collaboration in areas such as sustainable ocean resource use, natural gas development, and creative industries, as well as Tanzania supplying labor to South Korea, according to Yunus.
President Yoon Suk Yeol of South Korea has been meeting with the presidents of Tanzania, Ethiopia, and Sierra Leone since Friday. On Monday, he was scheduled to meet separately with the heads of Zimbabwe, Togo, Rwanda, and Mozambique.
