The International Finance Corporation (IFC) has arranged a financial package of 161.25 million euros for the CIMAF group (Ciments d’Afrique) in order to stimulate its cement production and finance its sub-regional ambitions. Proparco and Emerging Africa Infrastructure Fund (EAIF) also participated in the financing.
The facility comprises a loan of EUR 92.5 million for own account from IFC, a parallel loan of EUR 33.75 million from Proparco and a B loan of EUR 35 million from EAIF. It should enable CIMAF to expand its existing cement grinding plants in Ghana and Mali and to build a new integrated state-of-the-art cement plant in Senegal. The planned plant in Senegal will also produce clinker, a mixture of limestone and other minerals used to bind many cement products, reducing the region’s dependence on imports.
“We are delighted to partner with IFC for a significant investment for the group, the construction of our first integrated cement plant outside Morocco, as well as the increase of our grinding capacities in Ghana and Mali,” said Anas Sefrioui , President and CEO of OIP, parent company of CIMAF.
CIMAF owns and operates 13 crushing plants in 10 African countries: Burkina Faso, Cameroon, Chad, Ivory Coast, Gabon, Ghana, Guinea-Bissau, Guinea, Mali and Mauritania.
The third largest cement producer in Morocco, OIP markets cement in North, West and Central Africa, with a production of around 12 million tonnes per year.
