Egyptian bourse-listed El Sewedy Electric’s subsidiary has launched a new industrial city in Tanzania, with anticipated investments exceeding $400 million.

Covering an area of 2.6 million square meters, El Sewedy Industrial Development’s new industrial city will host 200 factories across key sectors in Tanzania, such as medicines, building materials, food and beverage industries, and engineering industries.

The construction of the first phase of the city, spanning 500,000 square meters, will be completed within a year, Egypt Today newspaper reported, citing Mohamed Al-Qammah, CEO of El Sewedy Industrial Development.

The city will lead to the creation of more than 50,000 jobs and support the African nation’s industrial development strategy in 2025, Egypt Today newspaper reported.

Located in Kibaha, 15 kilometers from the Kwala dry port, the project relates to the Rovos standard gauge railway, offering connectivity between the port and Dar es Salaam.

(Editing by Seban Scaria )