Colombia’s largest cement company Cementos Argos SA has borrowed US$150m from the Andean Development Corp and China Development Bank to finance part of its new cement plant in the Caribbean port of Cartagena, the company said Tuesday in a statement.
Andean Development Corp., known as CAF, and the state-owned Chinese bank will each lend $75m, the statement said.
The loan is part of the financing for the construction of the $300m Cartagena plant, which will start operations in mid-2009.
With the new plant, Cementos Argos expects to boost its production by 1.8Mt of cement a year to 13.4Mt. The company also plans to boost exports to the U.S. and the Caribbean region.
The company had already borrowed US$159m from Citigroup Inc. (C) and the Danish government’s export agency in December.