South Korea Lends Billions to Tanzania to Promote Africa's Mining Resources

Posted on : Monday, 22nd July 2024

As part of larger agreements, Tanzania and Ethiopia announced that they had inked agreements with South Korea for billion-dollar loans. These partnerships will grant the Asian country access to Africa's vital mineral resources and a sizable export market. South Korea is holding a meeting with Africa that will be attended by at least thirty heads of state, including those from Tanzania and Ethiopia. Tanzania announced that it will take out concessional loans from South Korea totaling $2.5 billion over the course of the next five years. According to presidential spokesperson Zuhura Yunus, the East African nation also signed two agreements on the Korean use of its marine resources and minerals, including nickel, lithium, and graphite, that are used in clean energy technology.

 

Ethiopia, a country of 126 million people with a rapidly expanding economy, has agreed to provide $1 billion over the course of four years for infrastructure, health, science and technology, and urban development, according to the state-affiliated media outlet Fana. According to Yunus, Tanzanian President Samia Suluhu Hassan is also looking for collaboration in areas like the development of natural gas deposits, the creative industries, and the sustainable use of ocean resources. He also wants Tanzania to provide manpower to South Korea. In addition to meeting with the presidents of Tanzania, Ethiopia, and Sierra Leone, South Korean President Yoon Suk Yeol was scheduled to meet separately with the heads of Zimbabwe, Togo, Rwanda, and Mozambique.