Africa-Press – Tanzania. A DELEGATION of 111 Egyptians jetted into the country over the weekend for investment purpose, with the Elsewedy Electric Engineering Services Company committing to inject 3 billion US dollars (about 6.9tri/) as investment capital.
The company revealed that it would invest in seven different projects including the electrical transformers, wires and meters.
It also looks forward to building the industrial city in Kigamboni District and setting up a factory for producing fertilisers using natural gas.
Jetting into Dar es Salaam on Saturday night, the visiting delegates included 48, who were from Egyptian private sector and the rest being government officials accompanied by Egyptian Minister of Housing, Utilities and Urban Communities, Mr Mostafa Madbouly.
Without disclosing for how long they will be in Tanzania, he said his entourage would explore investment opportunities and further cement economic ties between the two countries.
“This is as a result of President Samia Suluhu Hassan’s visit to Egypt, where she invited traders to invest in the country. We thank the president and we hope to create more jobs and increase the country’s economy,” said Mr Geoffrey Mwambe, the minister of State in the Prime minister’s office overseeing investment.
Mr Mwambe, who was speaking shortly after arrival of the delegates from the North African nation at the Julius Nyerere international airport, said the visitors would visit different factories in Dar es Salaam and Coast regions to identify gaps and areas to invest in.
He proposed some of the investment areas as in the manufacture and electronic appliances, which require great trade especially in Dar es Salaam and Zanzibar.
In response, Mr Madbouly said that the visit was also part of directives of President Mr Fatal Al Sis of Egypt to oversee the ongoing construction of the Julius Nyerere Hydropower Project.
He assured that the 6.8tri/-project being implemented by Arab Contractors and Elsewedy, both from his country will be completed on time.
“My government will ensure that the project is completed within the slated time frame, we also want to bring a lot of investments to Tanzania for mutual benefits in economic spheres,” he added.
The president and Chief Executive officer of Elsewedy Electric Engineering services company, Ahmed Elsewedy, expressed commitment to invest 3 billion US dollars in the country.
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