Mikono Cultural Heritage Limited and Unit Trust of Tanzania (UTT) signed a multimillion-dollar construction deal for a 20-story building in Dar es Salaam.
The building, called Sanaa Tower, will house a variety of businesses, offices, conference centers, and a 5-star hotel that targets local and foreign athletes competing in events at the National Stadium.
Mikono, a member of the World Fair Trade Organization, sells handmade Tanzanian arts and crafts and is the oldest fair-trade organization in the country.
Mikono Board Chairman, Henry Clemence, stated that all loan money to fund the construction of Sanaa Tower will be paid off over a 10-year period, and afterwards the building will be owned in full by Mikono.
The building will cover 18,000 sq meters and will cost 30 billion TSH (about $1.9 million USD).
Construction is expected to employ 200 people.
