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
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expan...
Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...
Driven by above-average growth and rapidly expanding demographics, Francophone Africa is emerging as...
Coca-Cola unit trains 260+ SMEs in Namibia business skills Program targets women, youth, disabled...
Nigeria-Ghana onion trade resumed after dispute over distribution rights Authorities intervened, securing release of seized Nigerian onion...
Morocco opens probe into rice imports after sharp surge Imports rose over 100% as drought slashed domestic production Authorities may impose duties or...
Ivanhoe reports first copper anodes from Kamoa-Kakula smelter startup Mine produced over 71,000 tons of copper in Q1 Company cut 2026 output forecast,...
Koulou Gold raised funds to expand and explore Ivorian projects Major investors boosted stakes, backing portfolio and future exploration Fundraising...
MASA 2026 gathers artists and industry professionals from over 28 countries in Abidjan. The event features 99 performances across market and...
French lawmakers approve colonial-era restitution framework unanimously Law enables returns by decree, replacing case-by-case...