South Korea has agreed to lend billions of dollars to Tanzania and Ethiopia in exchange for access to their mineral resources as well as their burgeoning export markets. The three countries put pen to paper during the South Korea-Africa summit that had 30 African heads of state in attendance. Per the agreement, Tanzania will receive $2.5 billion over five years through concessional loans. In return, the East African country signed two accords that grant the East Asian country access to its ocean resources and minerals crucial for clean energy, like nickel, lithium, and graphite. For Ethiopia, South Korea agreed to provide $1 billion in finance over four years for infrastructure, science and technology, health, and urban development. Apart from the financing, Tanzanian President Samia Suluhu Hassan is also seeking for cooperation across natural gas development, creative industries, and sustainable use of ocean industries with the East Asian country.

SOURCE: ARISE TV