The Tanzanian government is officially starting construction of the Twin Towers in Kenya's capital, Nairobi. The country's minister of foreign affairs, January Makamba, stated that this broadens Tanzania's portfolio of international real estate investment opportunities. Tanzania's Ministry of Foreign Affairs and Kenya's National Social Security Fund (NSSF) are expected to collaborate in this major real estate project. When finished, the project will solidify Tanzania's diplomatic ties in Kenya while completely redefining Nairobi's cityscape. Tanzania currently lacks an on-site embassy, which is why the enormous project was started. In addition, Tanzania's government is hopeful that the project can provide a workable way to lower the expenses it incurs for the worldwide leases of residential complexes and embassy offices. The twin towers, with 22 floors each, will house offices that are expected to generate the necessary foreign exchange for the Tanzanian government.

One of Tanzania's government's most significant initiatives appears to be the construction of the Twin Towers. When the project completes it will potentially assist Tanzania's economy thrive by enabling cost reductions. The foreign ministry of Tanzania pays over $12 million a year in rental fees for residential properties and embassy offices. After the Twin Towers are finished, substantial expenditures will be reduced, and the money saved can be used to improve other areas of Tanzania's economy. The nation intends to build real estate investments in Kigali, Kinshasa, New York, London, and Lusaka, among other locations.

In addition, the Twin Towers are anticipated to bring in $13.7 million a year in revenue upon completion, significantly improving Tanzania's economic situation. "We aim to use professional and world-class real estate organizations to capitalize on these assets to generate revenue for the government and elevate the standards of our embassies and embassy staff housing," Makamba added, referring to the recently approved new plan by the government.

The foreign ministry of Tanzania has announced that it has allocated over Tsh 29 billion, or approximately $48 million, for projects in Kenya. These statements were made lately at the ministry's budget announcement. Beyond building the Twin Towers, Tanzania is committed to promoting economic and infrastructure growth, as these plans highlight. It is anticipated that the majority of these initiatives will be carried out in collaboration with the two countries' business sectors.  Tanzania, however, has plans to build more towers in other areas and has set its sights considerably higher than just building one. According to the foreign ministry, $5 million has been set aside for the construction of offices and apartments for ambassadors in Lusaka, Zambia. The government's properties in Kampala, Uganda's capital, and Abuja, Nigeria, would be among the sites where Tanzania's commercial and diplomatic buildings will be constructed.

In addition to building Kenya's Twin Towers, Tanzania is also involved in other important projects like the Standard Gauge Railway. With funding from China and Turkey, Tanzania is constructing a 1,600-kilometer SGR line linking Dar es Salaam and Mwanza. With the electrification of its SGR terminus, the nation has advanced the project significantly in comparison to other participating nations. It has initiated the first-ever electric train operationalization in Eastern Africa.

Posted on : 07 Sep,2024