German cement firm opens factory in Namibia
German firm Schwenk Zement KG on Thursday opened a 252 million euro ($343 million) factory in Namibia, one of the country's largest investments, officials said.
"It is the most modern cement plant in Africa and shows our commitment to economic development in Namibia and Africa," chief executive Gerhard Hirth said.
The factory, located some 400 kilometers (250 miles) northwest of capital Windhoek, is expected to employ up to 300 people and produce 700,000 tonnes of cement a year.
Some 300,000 tonnes are expected consumed locally and the remainder exported to neighbouring countries like Angola, Botswana and the DRC, said the company.
"The complete value chain will be done in Namibia from mining the limestone on site to the packaging of cement bags under the name Ohorongo Cement," Hirth added.
About half of the investment capital was financed through loans from the European Investment Bank (EIB), Deutsche Entwicklungsgesellschaft (DEG) and the Development Bank of Southern Africa (DBSA).
Schwenk Zement KG is a family run business with cement plants in Germany, Oman, Hungary and Bosnia.
© 2011 AFP