Scancem applies to International Finance Corporation for Euro11m grinding plant in Guinea-Bissau

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Guinea-Bissau: Maxime Cardoz and HeidelbergCement subsidiary Scancem has applied to the International Finance Corporation (IFC) for a loan of Euro11m to help finance Guinea-Bissau's first cement grinding plant. The project is estimated to cost a total of Euro22m.

The Cardoz Cimentos de Bissau project is 60% under the ownership of Cardoz and 40% by Scancem. Its location will be 1.5km from the port of Bissau, a plant location in an area which at present absorbs 50% of the country's cement consumption. A decision on the funding will likely be finalised on 27 February 2015.

Cement consumption in Guinea-Bissau is dependent upon imports, mainly sourced from Senegal via the country's sole port at Bissau and accounts for 80% of its international trade.


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