TANZANIA has launched the construction of a 22-floor twin towers edifice in the Kenyan capital of Nairobi, to provide embassy offices and as an investment to increase foreign exchange earnings.

January Makamba, the Foreign Affairs and East African Cooperation minister, who officiated at the launching here yesterday, affirmed that the government spends 29bn/- per year in rents for diplomatic premises and housing for diplomats working abroad.

The building is part of the government's new strategy to use its plots and buildings to enhance external revenues, pointing at the commercial significance of ​​Upper Hill neighbourhood.

“We’re launching the construction of twin towers (22 floors each) buildings, a real estate investment by the National Social Security Fund (NSSF) and the Ministry of Foreign Affairs,” he stated.

Tanzania Towers, housing residences and offices while adding beauty to the Nairobi skyline, will not only earn the government much-needed foreign currency but save the government rental expenses for its Nairobi mission, he stated.

“We are delighted that the NSSF management, its investment committee and the entire board found this investment worthwhile,” he said, affirming that this development shows that commercial ties between the two countries were taking a significant step forward.

The venture symbolizes deepening economic ties and mutual investment opportunities between the two partner states in the East African Community (EAC), he said.

By investing in Kenya’s capital, Tanzania bolsters its economic footprint in the region, reinforcing the collaborative spirit driving East Africa’s growth. The towers, once completed, will take their place as iconic landmarks, reflecting the strength and ambition of growing bilateral ties, he declared.

The government holds 101 buildings and plots around the world, mainly in prime areas in the various capitals holding 11 buildings and plots in the Zambian capital of Lusaka, he elaborated.

“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,” he further noted.

When the new plan is fully implemented, the government will instead earn about 36bn/- per year from such investments instead of spending upwards of 29bn/- in diplomatic offices and residential expenses abroad.

The plan’s first phase is anchored in Nairobi, Kigali, Kinshasa, London, New York and Lusaka, he specified, while Deogratius Ndejembi, the Labour, Employment, Youth and Persons with Disability state minister in the Prime Minister's Office (PMO) pointed at a prior feasibility study for the twin towers plan.

The NSSF investment committee, in collaboration with the board of directors and ministry investment experts, looked at the project and saw that it would be beneficial, he said, he explained.

Musalia Mudavadi, the prime cabinet secretary, praised the government's move to put up the twin towers, saying it will be one among permanent symbols of the friendly relationship between the two countries.

“We gave this beautiful area to Tanzania based on the good and unique relationship that exists between our two countries. We were just wondering why our colleagues have given them the area and they don't want to come to build. I have seen the map and I think it will be one of the most beautiful buildings here in Kenya," he added.