The government of Tanzania has launched the construction of the Twin Towers in Kenya’s capital city, Nairobi. This adds to Tanzania’s list of real estate investment properties worldwide, as noted by the country’s foreign affairs minister, January Makamba. The monumental real estate venture is expected between the National Social Security Fund (NSSF) in Kenya and Tanzania’s Ministry of Foreign Affairs.
The project, once completed, is set to redefine Nairobi’s skyline while consolidating Tanzania’s diplomatic presence in Kenya. Currently, Tanzania has no on-site embassy, hence the launch of the ambitious project.
Furthermore, Tanzania’s government hopes that the project will be a viable solution in reducing the costs it accrues as rentals for embassy offices and residential buildings across the globe. The twin towers, rising 22 floors each, will host offices projected to earn the Tanzania government its needed forex.
The Significance of the Construction of the Twin Towers in Tanzania
The construction of the Twin Towers is expected to be one of the most significant projects undertaken by Tanzania’s government. Once completed, the project is expected to facilitate Tanzania’s economic growth by facilitating cost savings. Tanzania’s foreign ministry spends nearly $12 million annually in rentals for embassy offices and residential buildings. Once completed, the Twin Towers will cut down significant costs, and the funds can be rechanneled to other sectors of Tanzania’s economy.
The country plans to replicate the construction of real estate investments in other cities, including Kigali, Kinshasa, New York, London, and Lusaka.
Furthermore, once completed, the Twin Towers is expected to generate $13.7 million annually in revenue, a big boost to Tanzania’s economic landscape. “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 State of Affairs Regarding Tanzania’s Projects in Kenya
Tanzania’s foreign ministry has noted that it has set aside close to $48 million, translating to Tsh 29 billion for investments in Kenya. These remarks were made during the ministry’s budget announcement recently.
These plans underscore Tanzania’s commitment to fostering infrastructural and economic development beyond constructing the Twin Towers. Most of these projects are expected to be undertaken in partnership with private sectors within the two nations.
However, Tanzania has set its eyes far beyond constructing one tower and noted plans to build others in other states. The foreign ministry has noted that it has set aside $5 million to construct offices and ambassadorial residences in Lusaka, Zambia.
The planned construction of embassies and commercial buildings for Tanzania will also include the government’s properties in Uganda’s capital, Kampala and Abuja, Nigeria, among others.
Other Significant Projects that Tanzania is Involved in
Besides constructing the Twin Towers in Kenya, Tanzania also participates in other significant projects, such as the Standard Gauge Railway. Tanzania, while lagging in SGR connecting Uganda, has accelerated national connectivity.
Using funding from China and Turkey, Tanzania is constructing a 1,600-kilometre SGR line connecting Dar es Salaam and Mwanza. The country has made enormous strides in the project compared to other countries involved as its end of the SGR is electrified. It recently launched the operationalization of an electric train, the first of its kind in Eastern Africa.
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