Finance

Senegal: IFC arranges €242 mln loan for Sococim Industries

Senegal: IFC arranges €242 mln loan for Sococim Industries
Wednesday, 01 March 2023 03:43

This is the institution's first loan for sustainable investments in the African building materials sector. Several commercial banks participated in the operation and will provide additional resources in local currency.

The International Finance Corporation (IFC) announced Monday, a €242 million (about $256.6 million) loan to Sococim Industries, the Senegalese subsidiary of French cement group Vicat. The funds will be invested in the production of low-carbon cement, with the aim of contributing to the reduction of greenhouse gas emissions, while preserving cement qualities and properties.

For Guy Sidos, Vicat's Chief Executive Officer, the law will help build a cleaner and more efficient cement industry in Africa. Sococim plans to use the majority of this resource to replace part of its clinker production lines with a new, more fuel-efficient one.

For this operation, IFC provided €120 million while the remaining €122 million will be provided in local currency by a group of banks including Société Générale Sénégal, CBAO (Attijariwafa Bank Group Banque Internationale pour le commerce et l'industrie du Sénégal and Ecobank Senegal.

This is the first IFC loan for investments in sustainable construction materials manufacturing in Africa but, the institution has been supporting Vicat’s investments in Senegal and other countries since 2007.  

According to a December 2022 note from Senegal's National Statistics and Demography Agency, construction sector revenues grew by 2.5% year-on-year in the third quarter of 2022, with a sustained contribution from the building and civil engineering sub-sector. But, for the authorities, there is a need to address the environmental challenges that have been identified in the sector.

Chamberline Moko

On the same topic
• Fily Sissoko will oversee a $8.5 billion World Bank portfolio spanning Mozambique, Madagascar, Mauritius, Comoros, and Seychelles.• His mission...
• Bassirou Diomaye Faye denounces credit rating agencies’ methodologies as ill-suited to African contexts.• Senegal urges reforms to enable fairer...
(AfDB)-The Board of Directors of the African Development Bank Group has approved a $474.6 million loan for South Africa's Infrastructure Governance...
New card enables African payments without using US or European networks Aims to lower costs, protect financial data, and boost intra-African...
Most Read
01

Lebara Group is now bringing its affordable and reliable mobile services to Africa, starting with Ni...

Telecoms: Lebara Enters Nigerian Market with Strong Competitive Ambitions
02

• Gates Foundation commits $1.6 billion over five years to Gavi.• Bill Gates warns of rising ch...

Gates Foundation Pledges $1.6 Billion to Gavi to Boost Global Child Vaccination
03

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
04

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
05

• Maritime sector faces renewed risks amid military tensions in the Middle East• Blockade fears at S...

Israel-Iran conflict raises new threats for global shipping and oil trade
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.