EIC is Tanzania’s first fully incorporated commercial city destined for an economic expansion hub in Africa, according to Elsewedy, which opened the first phase of the shopping complex in December in the presence of Tanzanian President Samia Hassan.
Built on 2. 2 million square meters, the commercial park will house labor-intensive industries, from prescription drugs to automotive, textile and agribusiness, with the goal of attracting more than $400 million in investment from 4,100 investors in the region, which would create more than 25,000 jobs, according to Elsewedy’s website.
The advertising city is strategically located near the advertising capital Dar Es Salaam, Julius Nyerere International Airport, Kamata Station and Tanzania’s International Container Terminal, as well as Elsewedy’s production plants.
The complex will also produce the solutions and equipment needed for Tanzania’s industrialization plan by 2025 and create more than 500 jobs for talented young people and technical engineers in the first phase alone.
Elsewhere in Tanzania
An Egyptian consortium formed by Elsewedy Electric and Arab Contractors Company has been building the Julius Nyerere Hydroelectric Project in Tanzania (JNHPP) since 2019.
Last week, Egypt’s Housing Minister Assem El-Gazzar inspected the site of the 2,115 MW hydroelectric allocation structure built on the Rufiji River, where she said “the allocation has reached complex levels. “
Work on the $2. 9 billion JNHPP has been underway since 2019 and is expected to be completed by the end of this year, when it will supply blank power to more than 60 million Tanzanians and control water flow flooding.
The JNHPP is 1,025 meters long at the most sensitive point and 131 meters high with a garage capacity of about 34 billion cubic meters of water.
The JNHPP will produce 5,920 GWh of electrical energy consistent with the year.
Afreximbank’s cooperation horizons
Speaking at the seventh edition of the Egypt Builders Forum on Monday, Seidu claimed that the bank is cooperating with the African Federation of Construction Contractors’ Associations (AFCCA) to provide all means to expand structure and infrastructure projects on the continent.
Afreximbank is also running to provide the mandatory liquidity to launch African infrastructure projects, in addition to strengthening African industry agreements, especially the COMESA agreement, Seidu added.
He noted that the bank is running to launch a special $1. 7 billion program to localize the auto industry in Africa and promote the creation of advertising corporations to manufacture and assemble cars.
Afreximbank is a multilateral monetary escalation establishment that includes 51 member states in Africa.
In April 2022, the Japan International Cooperation Agency (JICA) signed a $200 million loan agreement with Afreximbank to respond to COVID-19 through the personal sector and stimulate social and economic recovery from the pandemic in Africa.
As a component of the agreement, Afreximbank will deploy the loan to advance the progression of local production capacities for vaccines and medical products, with the overall ambition to sell the autonomy of African countries in their reaction to the pandemic and reduce their dependence on non-African countries. countries. products and international chains.