Cemex obtains 'green' financing from IFC

Cemex, S.A.B. de C.V. has announced that the International Finance Corporation will grant Cemex a loan of approximately €106 million to support Cemex’s sustainable investment programs in emerging markets.

After a thorough assessment of Cemex’s environmental, governance and social practices, the IFC will grant Cemex funding for projects designed to enhance environmental performance that were completed in 2014 & 2015 as well as ongoing during 2016 which are part of the capital expenditure plan previously communicated by Cemex. Approximately 60% of the funds will be allocated for projects related to the reduction of Cemex’s greenhouse gas emissions, while the remainder of the funds will be allocated to cover improvements to Cemex’s overall air emission controls.

“IFC’s support underscores and validates Cemex’s sustainability efforts and vision,” said Fernando A. Gonzalez, CEO of Cemex. “We are very proud and encouraged by this relationship, and we continue to seek opportunities for further collaboration.”

“IFC’s financing to Cemex sustainable programs is part of our commitment to invest in critical climate-smart solutions across emerging markets,” said Liz Bronder, IFC Director for Latin America and the Caribbean. “We are encouraged by Cemex’s innovative initiatives and look forward to the company’s leadership expanding the climate change agenda among global key players”.

The IFC is joining Cemex’s facilities agreement dated 29 September 2014, as amended and restated maturing in 2020. This transaction increases the currently outstanding commitments under the Credit Agreement by approximately €106 million and diversifies Cemex’s sources of funding.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.

Read the article online at: https://www.worldcement.com/the-americas/13072016/cemex-obtains-green-financing-ifc-515/