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South Korea accepts provide billions to Tanzania, Ethiopia

Tanzania and Ethiopia stated they had signed accords with South Korea for loans of billions of dollars, part of broader offers that will provide the Asian country access to Africa's vital mineral resources and large export market.

South Korea is hosting at least 30 presidents, including Tanzania and Ethiopia, at a South Korea-Africa top today.

Tanzania said it will obtain $2.5 billion over the next 5 years from South Korea through concessional loans.

The East African country likewise signed two accords on Korean usage of its ocean resources and minerals utilized in clean energy technologies such as nickel, lithium and graphite, governmental representative Zuhura Yunus stated on Sunday.

Ethiopia, a fast-growing economy with 126 million people, signed a $1 billion funding offer over four years for facilities, science and innovation, health and metropolitan advancement, the state-affiliated Fana media outlet stated.

Tanzanian President Samia Suluhu Hassan is likewise looking for cooperation in sectors consisting of sustainable use of ocean resources, development of gas deposits and innovative industries, and for Tanzania to provide labour to South Korea, according to Yunus.

Because Friday, South Korean President Yoon Suk Yeol has held conferences with the leaders of Sierra Leone, Tanzania and Ethiopia and was because of meet independently with heads of other states consisting of Zimbabwe, Togo, Rwanda and Mozambique on Monday.

(source: Reuters)