Tanzania and Ethiopia will get billions in loans from South Korea

Ethiopia and Tanzania announced that they had inked agreements with South Korea for billion-dollar loans, as part of larger agreements that will grant the Asian country access to Africa’s enormous export market and vital natural resources.

This week, 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 nation has inked two agreements on the Korean use of its maritime resources and minerals, including nickel, lithium, and graphite, that are utilized 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 labor to South Korea.

President Yoon Suk Yeol of South Korea has been meeting with the leaders of Tanzania, Ethiopia, and Sierra Leone since Friday. On Monday, he was scheduled to meet separately with the leaders of Zimbabwe, Togo, Rwanda, and Mozambique.