The International Finance Corporation (IFC), the World Bank’s investment arm, has announced that it would invest €242 million in Sococim Industries, Senegal’s largest integrated cement manufacturer, to increase low-carbon production.
Sococim, a subsidiary of the French cement company Vicat, will receive a €120 million loan from IFC and a €122 million loan in local currency from Société Générale Sénégal and other lenders.
The IFC said in a statement that the majority of the financing, €214 million, will be used for green activities.
Sococim Industries, which intends to replace a portion of its existing clinker lines with a new, fuel-efficient one, stated that this investment will help it meet its long-term financing needs.
It will contribute to a reduction in greenhouse gas emissions of 312 000 tonnes of CO2 equivalent per year by 2030, allowing Sococim to produce cement with one of the lowest emission rates in the world, according to the group.