The announcement was made by Tanzanian Minister of Foreign Affairs and East African Cooperation, January Makamba, on Tuesday.
Tanzania has made a bold architectural statement in Nairobi with the announcement of a major real estate project: the construction of 22-floor twin towers in Kenya’s capital.
The announcement was made by Tanzanian Minister of Foreign Affairs and East African Cooperation, January Makamba, on Tuesday.
“Later today in Nairobi, we will be launching the construction of Twin Towers (22 floors each) buildings, a real estate investment by NSSF and Tanzania’s Ministry of Foreign Affairs in Upper Hill, the center of Nairobi, that will also house our embassy,” he said.
Makamba added that the Tanzania Towers, containing residences and offices and adding beauty to the Nairobi skyline, will not only earn the government much-needed foreign currency but will also save government rental expenses for the chancery and embassy staff housing.
“We are delighted that NSSF management, the investment committee, and the whole board have found this investment profitable.”
This development signifies that commercial diplomacy between Tanzania and Kenya has taken a significant step forward.
This venture symbolizes the deepening economic ties and mutual investment opportunities between the two neighboring East African Community allies.
By investing in Kenya’s capital, Tanzania not only bolsters its economic footprint in the region but also reinforces the collaborative spirit that drives East Africa’s growth.
These towers, once completed, are poised to become iconic landmarks, reflecting the strength and ambition of Tanzanian-Kenyan relations.
The government of Tanzania owns about 101 buildings and plots around the world, most of them in prime areas in major capitals. In Lusaka, Zambia alone, Tanzania owns 11 buildings and plots.
“In the new strategy, which the government approved recently, we seek to use professional and world-class real estate entities to develop these assets to earn income for the government and uplift the quality of our embassies and embassy staff housing,” Makamba said.
The government of Tanzania spends about TZS 29 billion per year as rental for embassy offices and embassy staff housing.
“In the new plan, the government will instead earn about TZS 36 billion per year from these investments,” said Makamba.
The first phase will be Nairobi, Kigali, Kinshasa, London, New York, and Lusaka.
Source: Chimpreports.com