Tanzania, Korea sign 2.5bn US dollars deal to  finance transport infrastructure, technology, culture, industry, health sectors

SEOUL: TANZANIA and South Korea have agreed to accelerate the implementation of a 2.5bn US dollars commitment to Tanzania to finance key strategic projects across various sectors, including transport infrastructure, technology, culture, industry and health.

Tanzania’s Minister for Finance, Ambassador Khamis Mussa Omar, made the remarks in Seoul, South Korea, while leading a Tanzanian delegation in talks with the Korea Eximbank, the implementing agency for the Economic Development Cooperation Fund (EDCF).

The talks were held on the sidelines of the Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference.

Ambassador Omar said Tanzania values South Korea’s development cooperation, but stressed the need to accelerate the implementation of projects jointly agreed under the EDCF.

He said delays in implementing the projects by either side could undermine the commitments that have been made, calling for closer coordination and decisive action to address challenges contributing to delays.

According to the minister, some projects have taken several years to reach the implementation stage due to delays in conducting feasibility studies and completing detailed engineering designs.

“Close coordination and concerted efforts are essential to ensure that the agreed projects are implemented on time and deliver the intended results,” Ambassador Omar said.

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The talks followed the Korea-Africa Economic Cooperation Ministerial Conference, where the two sides also discussed ways to strengthen the use of artificial intelligence (AI) to drive development across Africa.

Commenting on the outcome of the conference, Ambassador Omar said Tanzania and South Korea had agreed to closely monitor the implementation of projects pledged during President Samia Suluhu Hassan’s visit to South Korea in 2024.

He said one of the projects is the construction of a Smart ICT College in Dodoma, which is expected to be among the first projects to commence implementation soon.

Other projects discussed during the talks, for which solutions were reached, include the construction of the Zanzibar International Convention and Exhibition Centre, the construction of Binguni Referral Hospital, and the development of Muhimbili National Hospital.