World Bank's IFC to invest $256m in Senegal's top cement manufacturer
Sococim, a subsidiary of French cement maker Vicat, will receive a €120m loan from IFC's own account and €122m equivalent in local currency from Société Générale Sénégal and other lenders.
The majority of the financing – €214m – will be earmarked for green activities, the IFC said in a statement.
Sococim, which plans to replace part of its current clinker lines with one new fuel-efficient one, said this investment will support its long-term financing needs.
It will help reduce greenhouse gas emissions by 312,000 tons of CO2 equivalent per year by 2030, enabling Sococim to produce cement with one of the lowest emission rates in the world, the group added.
Source: Reuters
Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.
Go to: https://www.reuters.com/Related
Why GBV in South Africa is an economic issue 10 Jul 2025 South Africa unlocks $1.5bn World Bank loan to tackle infrastructure bottlenecks and attract private investment 25 Jun 2025 World Bank Group considers $500m boost for South Africa's transmission expansion 23 Jun 2025 World Bank urges 'radical' debt transparency for developing countries 20 Jun 2025 SA's G20 leaders to gather in the US to drive change 16 Apr 2025 World Bank and South Africa unveil R55bn plan to revitalise cities 1 Apr 2025
