World Bank's IFC to invest US$256 million in Sococim Industries
Published by Sol Klappholz,
Assistant Editor
World Cement,
The International Finance Corporation (IFC), the investement arm of the World Bank, has announced a €242 million investment in the Senegalese cement producer Sococim Industries. The investment in Senegal’s largest integrated cement manufacturer is targeted at boosting its production of low-carbon cement products.
Sococim, a subsidiary of French cement manufacturer Vicat, is due to receive a €120 million loan from IFC’s account and €122 million in local currency from Société Général Sénégal and other lenders.
The Senegalese manufacturer has plans to replace parts of its current clinker lines with fuel-efficient technology which will help reduce GHG emissions by 312 000 t of CO2e per yer by 2030, which would mean Sococim’s cement production would have one of the lowest emission rates in the world, according to a spokesperson.
The original article was published in Reuters, please find it here.
Read the article online at: https://www.worldcement.com/africa-middle-east/27022023/world-banks-ifc-to-invest-us256-million-in-sococim-industries/
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