Korea Eximbank backs Tanzania's AI ambitions with $170 million development loan
Korea will provide a $170 million development loan to Tanzania to build an artificial intelligence (AI) and digital technology training institute, marking the first AI-focused project financed through the country's official development assistance fund, the Export-Import Bank of Korea (Korea Eximbank) said Thursday. The loan agreement was signed the previous day in Tanzania's Dar es Salaam by Lee…
The Korea Eximbank has pledged a $170 million development loan to Tanzania in order to construct an artificial intelligence (AI) and digital technology training institute. This marks the first AI-focused project funded through the country's official development assistance fund, according to a statement from the Export-Import Bank of Korea (Korea Eximbank) on Thursday.
The loan agreement was officially signed in Tanzania's capital, Dar es Salaam, the day prior by Lee Dong-hoon, a senior executive director of the state-run lender, and Natu E. Mwamba, the deputy finance minister of Tanzania.
This project is the inaugural initiative under the government's "K-AI Package," a development cooperation program that merges infrastructure financing with support for AI technology in developing nations. Moreover, it represents the first AI-related project financed by the Economic Development Cooperation Fund (EDCF), a financial institution that offers long-term, low-interest loans to developing countries.
The proposed institute in Tanzania will be constructed on a 35,000-square-meter site, approximately equivalent to the size of five soccer fields. Its primary objective will be to train workers in physical AI - technologies that empower machines with intelligence and enable them to perform tasks that typically require human intelligence.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
