Tanzania and South Korea to fast-track 2.5 billion USD development projects

Tanzania and South Korea have agreed to accelerate the implementation of a 2.5 billion US dollar financing commitment intended for strategic development projects in Tanzania. The funding, provided through South Korea’s Economic Development Cooperation Fund (EDCF), aims to stimulate economic growth across several sectors, including transport infrastructure, technology, industry, culture, and health.

During the KOAFEC Ministerial Conference in Seoul, Tanzanian Minister for Finance Ambassador Khamis Mussa Omar emphasized the need for improved coordination to prevent delays in feasibility studies and engineering designs. The two nations pledged to monitor projects initiated during President Samia Suluhu Hassan’s 2024 visit to South Korea.

Key upcoming projects include the construction of a Smart ICT College in Dodoma, the Zanzibar International Convention and Exhibition Centre, Binguni Referral Hospital, and developments at Muhimbili National Hospital. Discussions also covered the Ifakara-Mahenge road construction in relation to graphite mining and the procurement of passenger coaches for the Standard Gauge Railway (SGR).