World Bank's IFC to invest $256 mln in Senegal's top cement manufacturer

Vicat SA

27/02/2023 13:24

JOHANNESBURG, Feb 27 (Reuters) - The International
Finance Corporation (IFC), the World Bank's investment arm, said
on Monday it would invest €242 million ($256 million) in
Senegal's largest integrated cement manufacturer, Sococim
Industries, to boost low-carbon production.
    Sococim, a subsidiary of French cement maker Vicat
 VCTP.PA , will receive a €120 million loan from IFC's own
account and €122 million equivalent in local currency from
Société Générale Sénégal and other lenders. 
    The majority of the financing – €214 million – will be
earmarked for green activities, the IFC said in a statement.
    Sococim, which plans to replace part of its current clinker
lines with one new fuel-efficient one, said this investment will
support its long-term financing needs.
    It will help reduce greenhouse gas emissions by 312,000 tons
of CO2 equivalent per year by 2030, enabling Sococim to produce
cement with one of the lowest emission rates in the world, the
group added.
   ($1 = 0.9471 euros)

 (Reporting by Anait Miridzhanian; Editing by James Macharia
Chege)
 ((Anait.Miridzhanian@thomsonreuters.com;))