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News International Finance Corporation

Displaying items by tag: International Finance Corporation

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New grinding plant in Sierra Leone

11 March 2025

Sierra Leone: MACCEM will build a 0.56Mt/yr cement grinding plant in Hastings, Freetown, on a 4.4-hectare site near the Hastings Airstrip and the Jui-Masiaka Highway, according to the International Finance Corporation (IFC). The site already houses the producer’s cement bagging plant, with civil works for the grinding plant underway. Site clearing and levelling were completed in July 2024. The remaining construction is expected to take 12-15 months.

Clinker for the plant will be imported and transported by road from the Queen Elizabeth II Quay at the Port of Freetown. The IFC is considering a debt financing package of up to US$24m.

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Al-Douh Iraqi Company for Cement Industries to upgrade Al Douh cement plant

12 January 2024

Iraq: Al-Riyadh Investment Companies Group subsidiary Al-Douh Iraqi Company for Cement Industries plans to expand its Al Douh cement plant’s capacity by 58% to 3Mt/yr. The expansion is part of an upgrade involving the installation of a new kiln, a gas-fired captive power plant and a new waste heat recovery (WHR) plant. The WHR plant will provide 30% of the plant’s energy. The US-based International Finance Corporation (IFC) has loaned Al-Douh Iraqi Company for Cement Industries US$130m on a long-term basis for the project.

The IFC says that it expects the Al Douh cement plant expansion to help boost economic diversification, spur sustainable growth in Iraq and generate 2700 new jobs in Muthanna Governorate.

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Ciments de l'Afrique to produce limestone calcined clay cement in West Africa

12 October 2023

West Africa: Ciments de l'Afrique (CIMAF) plans to produce limestone calcined clay cement (LC3) at cement plants in West Africa. Parent company Omnium des Industries et de la Promotion (OIP) plans to build a calcined clay production facility in Burkina Faso to supply the material. Gulf Oil & Gas News has reported that OIP secured a Euro45m loan from World Bank Group’s International Finance Corporation on 10 October 2023. It will invest Euro32.4m in construction of its upcoming calcined clay production facility and Euro12.6m in
construction of solar power plants for three CIMAF subsidiaries in Burkina Faso, Chad and Mali.

CIMAF CEO Anas Sefrioui said "IFC's green loan provides essential long-term financing for our projects in Africa. Through the green loan structure, we are bringing the best practices in financing decarbonisation initiatives in the region. We look forward to reducing our carbon footprint and replicating these best practices in our African operations.”

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Votorantim Cimentos to upgrade Salto de Pirapora cement plant

20 July 2023

Brazil: Votorantim Cimentos has secured a US$150m loan from the International Finance Corporation for an upgrade to its Salto de Pirapora cement plant in São Paulo. The producer aims to increase the alternative fuel (AF) substitution rate at the 4.8Mt/yr plant, and reduce its CO2 emissions. It says that the loan is tied to sustainability performance indicators (SPIs), based on the reduction in the plant’s Scope 1 CO2 emissions.

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BUA Cement to build 6Mt/yr of new cement capacity in Sokoto State

12 June 2023

Nigeria: BUA Cement plans to use loans worth US$500m towards the construction of two new 3Mt/yr cement plants in Sokoto State. When operational, the new plants will increase the producer's installed capacity by 55% to 17Mt/yr. Local press has reported that BUA Cement plans to run both cement plants using solar power, and to produce cement using alternative fuel (AF). Additionally, the producer will use a portion of the funding to replace part of its diesel-fuelled cement truck fleet with new natural gas-fuelled models.

Of a total US$500m in financing secured by BUA Cement on 5 June 2023, the International Finance Corporation (IFC) lent US$161m (32%) and African Development Bank, Africa Finance Corporation and the German Investment Corporation jointly lent US$245m (49%), with the remainder advanced by institutional investors.

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SOCOCIM secures Euro242m finance from International Finance Corporation

03 March 2023

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.

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Fouta Cement to establish 350,000t/yr grinding plant in Monrovia

15 June 2022

Liberia: Fouta Cement has secured a US$21.2m financing package for the construction of its upcoming 350,000t/yr Monrovia grinding plant. The International Finance Corporation (IFC) has reported that the package consists of a US$5.4m loan from IFC's own account, a US$10.8m loan from the International Development Association's Private Sector Window Blended Finance Facility (IDAPSWBFF) and a US$5m from Bank of Africa United Kingdom (BAUK).

Fouta Cement's managing director Hamidou Gnan said "IFC's package of long-term investment and advisory services gives us the foundation and support we need to make the switch from reseller to manufacturer, thereby adding more value and creating more jobs in Liberia."

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International Finance Corporation expresses renewed interest in ARM Cement

28 September 2018

Kenya: The International Finance Corporation (IFC) says it is still considering investing in ARM Cement after it entered administration in late August 2018. IFC Kenya Country Manager Manuel Moses said that the World Bank institution was waiting for the outcome of the administration process to complete to see if a ‘good proposal’ would emerge, according to the Standard newspaper. Moses made the comments while unveiling the IFC’s investments in Sub-Saharan Africa in 2018.

The Kenya cement producer has been placed into admiration for 12 months to attempt to solve its debt problems. The IFC was previously set to take over loans worth US$120m at ARM Cement in July 2018 and was also interested in an equity stake.

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International Finance Corporation to back loans at ARM Cement

12 July 2018

Kenya: The International Finance Corporation (IFC) is set to take over loans worth US$120m at ARM Cement. UK-government investor CDC Group, which owns a 41% stake in the cement producer, will also loan it US$20m, according to the Business Daily newspaper. The IFC loan is expected by mid-2019 and the CFC loan will arrive by the end of September 2018. The IFC has also proposed a US$50m equity investment in ARM Cement but chief executive Pradeep Paunrana wants to wait until his company’s share price returns to normal to avoid the company being undervalued.

The cement producer reported a loss of US$55m in 2017 due to poor demand in Kenya and Tanzania. It said it was undergoing a ‘significant’ review of its current operations, asset base and financing structure to address its problems.

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PPC faces Congolese haircut

20 June 2018

South African cement producer PPC reported this week that its annual profits rose due to ‘strong’ performance in Rwanda and Zimbabwe. Unfortunately it had no such luck in the Democratic Republic of the Congo (DRC) where its new plant near Kimpese in Kongo Central province has suffered from political instability, lower cement demand and subdued selling prices.

As the group went on to describe the local market as ‘challenging’ with production capacity above market demand. Research from the International Finance Corporation (IFC) suggests that the country will only reach a cement supply deficit by 2022. On top of this the country’s elections have been delayed from December 2017 to December 2018, creating uncertainty in the construction market and delaying infrastructure projects. Following an impairment assessment PPC took an impairment cost of US$14m on the unit. Or in other words it concluded that the value it might gain from selling its new 1.2Mt/yr plant was less than the estimated US$280m it cost to build it.

This outcome is depressing given that the plant was only commissioned during the last quarter of 2017 and the fundamental need for development in the DRC. The unit is run by local subsidiary PPC Barnet DRC, a joint venture 69% owned by PPC, 21% owned by Barnet Group, with the remaining 10% owned by the IFC. The plant was 60% debt funded by the IFC and Eastern and Southern African Trade and Development Bank. In January 2018 PPC agreed with its lenders to reschedule debts from the project until 2020. Then in April 2018 it was reported that PPC was in talks with China National Materials (Sinoma) over selling its stake in the plant. PPC chief executive officer (CEO) Johann Claassen said that the deal was dependent on the price and the on going merger between Sinoma and China National Building Material (CNBM).

With the merger between the Chinese cement giants close but yet to be confirmed, PPC remains stuck with a cement plant it’s losing money on. No doubt also the Chinese producers will aim for a bargain on the unit, especially since Sinoma built the plant. This also raises one potential method how the merged Sinoma-CNBM might expand internationally by scooping up plants it builds that have subsequently gotten into financial trouble.

All in all it’s a cautionary tale about how fast cement companies are able to expand in Sub-Saharan Africa. The demographics are enticing to investors but if the market isn’t there or if competitors get there first then building cement plants can go wrong. A 1.8Mt/yr joint-venture plant run by Lucky Cement started up in late 2016 also in the Kongo Central province. On top of this neighbouring countries have targeted DRC for exports. A local ban on imports of cement was implemented in mid-2017 and reportedly renewed in the west of the country for another six months in February 2018. However, Nigeria's Dangote Cement said in its first quarter results for 2018 that its operations in the Republic of Congo were targeting exports at the DRC. As PPC has discovered, investing in Sub-Saharan African has its risks.

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