Displaying items by tag: Fouta Cement

Liberia: The International Finance Corporation (IFC) has announced a US$21.1m financing package for Fouta Cement, Liberia's second-largest cement supplier. The IFC said the move is to help increase local manufacturing and infrastructure development in Liberia and reduce the country's reliance on imported construction materials.
The financing package will help Fouta Cement to build and operate a 0.35Mt/yr clinker grinding plant in Monrovia, the Liberian capital. The financing package consists of a loan of up to US$5.4m from IFC's own account, a US$10.8m loan from the International Development Association's Private Sector Window Blended Finance Facility (IDA PSW BFF), and a loan of up to US$5m to be mobilised from Bank of Africa United Kingdom.

“IFC's partnership with Fouta Cement comes at a critical time for Liberia as it recovers from the economic effects of Covid-19 and seeks to meet the longstanding infrastructure needs of the country,” said Sérgio Pimenta, IFC's Vice President for Africa. “The investment is also IFC's largest in Liberia in recent years and is a strong show of support for the country's private sector and growth.”

Liberia: Fouta Cement has secured a US$21.2m financing package for the construction of its upcoming 350,000t/yr Monrovia grinding plant. The International Finance Corporation (IFC) has reported that the package consists of a US$5.4m loan from IFC's own account, a US$10.8m loan from the International Development Association's Private Sector Window Blended Finance Facility (IDAPSWBFF) and a US$5m from Bank of Africa United Kingdom (BAUK).

Fouta Cement's managing director Hamidou Gnan said "IFC's package of long-term investment and advisory services gives us the foundation and support we need to make the switch from reseller to manufacturer, thereby adding more value and creating more jobs in Liberia."