June 20, 2024

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Ethiopia & Tanzania Sign Financing Agreement with South Korea

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South Korea signed agreements worth billions with Ethiopia and Tanzania this week. South Korea is hosting at least 30 heads of state, including Tanzania, Ethiopia, Eritrea, Kenya etc. Since Friday, South Korean President Yoon Suk Yeol has been holding meetings with the leaders of Sierra Leone, Tanzania and Ethiopia, Zimbabwe, Togo, Rwanda and Mozambique.

Ethiopia, Tanzania and other African countries have signed financing agreements with South Korea. The agreements were signed on the eve of South Korea-Africa 2 day summit being held in Seoul.

Ethiopia signed a $1 Billion financing agreement with South Korea. Over the next four years, South Korea will provide this assistance to Ethiopia. Tanzania said it will borrow $2.5 billion over the next five years from South Korea through concessional loans.

Tanzanian President Samia Suluhu Hassan is seeking cooperation from South Korea in sectors including sustainable use of ocean resources, development of natural gas deposits and creative industries, and for Tanzania to supply labor to South Korea.

South Korea, one of world’s leading tech giants, is heavily dependent on foreign countries for raw materials for its tech industry. African critical mineral reserves matter a lot for South Korea, a leading semi conductor and chip producer.

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