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News SOCOCIM secures Euro242m finance from International Finance Corporation

SOCOCIM secures Euro242m finance from International Finance Corporation

Written by Global Cement staff 03 March 2023
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Senegal: The International Finance Corporation (ICF) has arranged a Euro242m finance package for SOCOCIM Industries to build a new production line at its Rufisque cement plant in Dakar Region. Euro214m of the loans will be used to decarbonise cement production at the site, including a contribution towards a larger Euro260m upgrade project. The new planned production line will have an alternative fuels substitution rate of 70%, increased energy efficiency and will reduce the plant’s CO2 emissions.

The finance package organised by the IFC comprises a Euro120m loan from the IFC's own account and Euro122m equivalent in local currency parallel loans from Société Générale Sénégal, CBAO Groupe Attijariwafa Bank, Banque Internationale Pour Le Commerce et l'Industrie du Sénégal, and Ecobank Sénégal. Société Générale Sénégal has been appointed as the administrative agent to manage the local currency financing with the other lenders.

SOCOCIM is a subsidiary of France-based Vicat. Fives revealed in early 2022 that it would supply a 6500t/day kiln line for the Rufisque plant.

Last modified on 08 March 2023
Published in Global Cement News
Tagged under
  • Senegal
  • Sococim
  • VICAT
  • International Finance Corporation
  • IFC
  • Loan
  • Plant
  • Upgrade
  • Fives
  • France
  • Société Générale Sénégal
  • CBAO Groupe Attijariwafa Bank
  • Banque Internationale Pour Le Commerce et l'Industrie du Sénégal
  • Ecobank Sénégal
  • GCW598

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