S. Korea inks multi-billion-dollar loan deals with Tanzania, Ethiopia
South Korea’s summit with African leaders is resulting in major economic deals, as Tanzania and Ethiopia signed multi-billion-dollar loan agreements, Reuters reported on Monday
Ethiopia
It signed a $1 billion financing deal spread over four years to support:
- Infrastructure development
- Science and technology initiatives
- Healthcare programmes
- Urban development projects
Tanzania
It secured a $2.5 billion loan over five years through concessional terms as it signed separate agreements granting South Korea access to:
- Tanzania’s ocean resources
- Minerals crucial for clean energy technologies, including nickel, lithium, and graphite.
These deals come as Tanzania seeks broader co-operation with South Korea in various sectors, including:
- Sustainable use of ocean resources
- Development of Tanzania’s natural gas reserves
- Growth of creative industries
- Supplying Tanzanian labour to South Korean industries
