El Sewedy Electric secures Afreximbank $400 million financing for Egypt industrial city in Tanzania
African Export-Import Bank (Afreximbank) is supporting Egypt’s El Sewedy Electric to establish the Egyptian Industrial City (EIC) in Tanzania with $400 million, the bank’s senior specialist for Intra-African Trade Initiative announced on Monday.
Speaking at the eighth edition of the Builders of Egypt Forum, Frederick Seidu said the EIC is built on 2.2 million square metres and will accommodate labour-intensive industries from pharmaceuticals, automotives, to textiles and agro-industries.
In addition, it will provide solutions and equipment necessary for Integrated Industrial Development Strategy (IIDS) 2025 of Tanzania.
The complex would create more than 25,000 job opportunities, according to El Sewedy’s website, specifically may provide about 500 jobs for talented youths and technical engineers in the first phase.
This project intended to become a centre for economic growth in Africa, according to El Sewedy, who initiated the phase of the industrial complex in December in the presence of Tanzanian President Samia Hassan.
The industrial city is located proximity to the commercial capital Dar Es Salam, Julius Nyerere International Airport, Train Station Kamata, and Tanzania International Container Terminal as well as El Sewedy manufacturing plants.