The African solidarity fund (ASF) granted a CFA5bn bank guarantee to Les Ciments du Golf (SCG-Benin) company in Niger to build a sub regional cement production factory, the ASF headquarters said Friday in Niamey.
The ASF guarantee covers a CFA3bn loan incurred by SCG from the ECOWAS Investment and Development Bank (BIDC) and another CFA2bn loan from Beninese commercial banks.
Over CF 30bn is needed for the implementation of this project.
According to the chairman of the SCG board of directors Mathias De Chacus, the cement factory will not only enable to supply the Beninese domestic market, but also neighbouring countries as Nigeria, Niger and Burkina Faso.
The factory output is 600,000t, but this capacity can reach 1.3Mt, he revealed.