CIMAF to expand capacity with IFC, Proparco and EAIF financing

CIMAF to expand capacity with IFC, Proparco and EAIF financing
11 November 2021

CIMAF will receive financial support from IFC, Proparco and the Emerging Africa Infrastructure Fund (EAIF) to help its drive for capacity expansion to meet the growing demand for housing and infrastructure in west Africa.

IFC is providing a EUR161.25m financial package for CIMAF, which includes a EUR92.5m loan on its own account as well as a parallel loan of EUR33.75m from Proparco and a EUR35m B loan from the EAIF.

The finance package will enable CIMAF to expand its existing cement grinding facilities in Ghana and Mali as well as build a new state-of-the-art integrated cement plant in Senegal. The expansion of CIMAF’s capacity is expected to create more than 300 direct jobs and 12,000 indirect jobs, including in quarrying, transport and other ancillary services.

In addition the the financial assistance, the IFC will also provide advisory services to support parent company Omnium des Industries et de la Promotion increase resource efficiency, expand its use of renewable energy and alternative fuels, and reduce its total greenhouse gas emissions.

“We are delighted to partner with IFC for a significant investment for the group, building our first integrated cement plant outside Morocco, as well as increasing our grinding capacities in Ghana and Mali,” said Anas Sefrioui, president and CEO of OIP.

“We look forward to expanding our business in Africa and helping to reduce greenhouse gas emissions. This is why, as part of this transaction, we are working with IFC to further improve the climate, sustainability and decarbonisation aspects of our cement plants,” he added. "We recognise the role the cement industry must play in achieving the goals of the Paris Agreement," Mr Sefrioui continued.

Published under Cement News