IFC offers loan to Chinese cement producer

IFC offers loan to Chinese cement producer
Published: 17 May 2006

The International Finance Corporation (IFC), the private sector arm of the World Bank Group,signed a US$50m loan agreement with Shanshui Group, a leading cement producer in east China’s Shandong Province. IFC said the loan will be used by the cement group in debt restructuring and for installation of energy efficient technology.

Lars Thunell, IFC executive vice preisdent, said Shanshui Group’s investment in environmentally friendly technology should serve as a model for other companies in key industrial sectors across China as they strive to achieve international standards.

IFC’s loan follows a US$7.7m equity investment it made in the cement group last year, and the group meets the World Bank Group limits for particulate emissions at all plants.