Holcim Ecuador signs US$125 million loan agreement with CAF
Published by Katherine Guenioui,
Editor
World Cement,
Holcim Ecuador is continuing the modernisation of its Guayaquil plant, which sees the addition of a new clinker production line. The project is being undertaken with a view to replace the import of clinker. The total investment amount is US$300 million.
Holcim Ecuador has signed an A/B loan agreement for US$125 million with Corporación Andina de Fomento (CAF) to partially finance the project. The A/B loans are a co-financing mechanism established by multilateral agencies to finance development projects, along with other international financial institutions.
The modernisation of the Guayaquil cement plant will generate up to 3200 jobs directly and indirectly. This investment promotes strategic import substitution, providing added value to Ecuador and an annual currency savings above US$20 million. In addition, the project will implement more environmentally friendly technology, with 20% of the investment earmarked for sustainable management. Construction continues as scheduled and is expected to start operation in March 2015.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/the-americas/01122014/holcim-ecuador-signs-us$125-million-loan-agreement-with-caf-928/
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