IFC financing package will help Cimko to lower emissions and enhance energy efficiency

Turkish cement manufacturer Cimko is to receive a long-term financing package from the International Finance Corporation (IFC), part of the World Bank Group. The investment will go towards Cimko’s ready-mix concrete segment and energy efficiency improvements. It will enable the cement producer to increase the volume of cement supplied to both the domestic market and to the Middle East and North African markets. In addition, the package will lead to energy savings and lower emission levels, as well as boosting employment in the Southeast Anatolia region of Turkey, where the company is based.

“Cement is critical for the construction sector, the world's largest industry, and a shortage of supply could hinder the industry's growth. This project will help Cimko increase its productivity efficiently,” stated Guy Ellena, IFC Director for Manufacturing, Agribusiness, and Services in Europe, the Middle East and North Africa.

The debt facility will comprise a US$40 million loan for IFC’s own account and a syndicated loan of €18 million from BNP Paribas Fortis SA/NV mobilised by IFC. Last year, IFC invested US$985 million in 20 projects in Turkey, including in the export, renewable energy and infrastructure sectors.

Adapted from press release by Louise Fordham

Read the article online at: https://www.worldcement.com/europe-cis/30012014/ifc_invests_in_turkey%E2%80%99s_cimko_672/