The Tanzanian Ambassador to South Korea, Togolani Mavura, said Tanzania has not signed any agreement with the Republic of Korea involving the Tanzanian Sea or Minerals during President Samia Suluhu’s visit to Korea.

Ambassador Mavura said during the visit that started on May 31, 2024, the President witnessed the signing of only one agreement, which is a $2.5 billion concessional loan agreement for infrastructure projects.

Apart from that agreement, President Samia witnessed the signing of two Memorandums of Understanding (MOUs) for cooperation in the Blue Economy and Strategic Minerals sectors.

Additionally, the President witnessed the signing of a Joint Statement on the launch of Negotiation on Economic Partnership Agreement (EPA).

“Tanzania and Korea have signed one agreement; two MOUs, and one Statement,” Ambassador Mavura said.

He also clarified that Tanzania has not given anything in exchange for the concessional loan from Korea as claimed on social media. Instead, Tanzania is receiving a concessional loan through the Economic Development Cooperation Fund (EDCF) for the third time.

“The first time was $733 million (2014-2020); the second time was $1 billion (2021-2025), and this third loan is $2.5 billion (2024-2028),” he explained, adding that “59 countries in Africa, Asia, and Europe benefit from this type of loan from EDCF.”

Ambassador Mavura noted that “this concessional loan has an interest rate of 0.01%, is payable over 40 years, and has a grace period of 25 years, meaning repayment starts after the 26th year. So, it is not true that the loan will be repaid in five years.”