German firm Schwenk Zement KG on Thursday opened its Ohorongo Cement factory in Namibia, 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 400km northwest of capital Windhoek, is expected to produce 700,000tpa of cement.
"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.
Namibian President Hifikepunye Pohamba, who attended the opening of the factory, said he hoped "the investment would lure other foreign investors to our country."
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.