Displaying items by tag: Liberia

Liberia: The Daily Observer has reported smuggling of essential commodities, including cement, across the Ganta Border into Guinea, potentially leading to shortages. Over 1000 bags of cement are allegedly transported daily from the Ganta market into Guinea, leading to an increase in prices.

Liberia: Liberia Cement Corporation (CEMENCO) has introduced Superplast 22.5X, a new product that is specifically designed for use in plastering and laying blocks and tiles. Speaking at the launch on 25 September 2023, William Gaignard, CEMENCO’s General Manager, emphasised the historic importance of this product, highlighting its overall affordability, making it accessible for all Liberians to build their homes at a lower cost. Expressing his desire to witness a shift from mud houses to sustainable and economical homes made using concrete, Gaignard said that 50kg bags of Superplast 22.5X would cost 19% less than the average price of cement in Liberia.

"Today marks a significant moment in our journey here at CEMENCO,” said Gaignard. “When we do business, we have to assess our position in the market. Are we the leaders? If not, we must find solutions to become leaders. If we are the leaders, we must find solutions to maintain our position. This requires innovation, understanding the challenges faced by citizens and working towards solutions."

Vice President of the Republic of Liberia, Dr Jewel Howard-Taylor, who was present at the launch, praised CEMENCO for its forward-thinking approach in ensuring affordable cement for non-load-bearing applications in the local market. However, she urged the company to provide clear guidance to the public on the proper usage of the cement to avoid misuse, particularly in the production of load-bearing structures, for which it should not be used.

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."

Liberia: The FrontPageAfrica newspaper has alleged that CEMENCO (Liberia Cement Corporation) has been using imported Lion Pro cement bags from Sierra Leone displaying the grade ‘42R’ for cements with a grade of 32.5R. The newspaper reported that the Liberian government certified the cements in question 32R. No comment from the cement producer has been published. CEMENCO, a subsidiary of Germany-based HeidelbergCement operates a grinding plant in the country.

Liberia: HeidelbergCement subsidiary Cemenco has commissioned a 0.3Mt/yr cement plant in Liberia following an investment of US$14m. The Daily Observer newspaper has reported that the plant is equipped with a 2000t silo, bulk truck unloading equipment and a bagging line, in addition to four Samson Eco Hoppers for dust-free delivery in the Port of Monrovia. Cemenco already operates a 0.8Mt/yr grinding plant on Bushroda Island in Monrovia.

Liberia: The management of Star Cement has welcomed government approval from the Government of Liberia that will allow it to build a cement grinding plant in Monrovia. The special investment incentive was signed into law by President George Manneh Weah in a move stated to be consistent with his promise of giving ‘power to the people.’

The US$41m facility will have the capacity to produce 0.6Mt/yr of cement. Star Cement’s management is optimistic that it will create employment opportunities, both directly at the plant and via the wider construction and distribution sectors. It is also expected that the new capacity will cause a reduction in cement prices, to the benefit of Liberians, particularly those building their own houses.

Meanwhile, the company is aggressively making efforts to ensure that Liberia benefits from the ECOWAS Trade Liberalisation Scheme (ETLS) by commencing cement exports. This will help the country to earn US Dollars.

Star Cement expects to begin production within the second half of 2020, at which point it will share shares to Liberians who wish to invest in the cement sector.

Liberia: President George Manneh Weah has written to the Liberian Senate to agree investment and incentive agreements between the government and Starr Cement. The cement producer intends to build a 0.6Mt/yr grinding plant, according to the New Dawn newspaper. The project will cost US$41m. The proposed plant will supply cement locally and to other countries in the Mano River Union, including Ivory Coast, Guinea and Sierra Leone.

Liberia: The government is reviewing an Investment Incentive Agreement between the Government of Liberia and Dangote Cement Liberia worth over US$41m. The review by the House of Representatives follows a letter from President Ellen Johnson Sirleaf urging the legislature to ratify the agreement, according to the Daily Observer newspaper. The agreement covers a 15 year period whereby the Nigerian company will build and operate a 1000t/day cement grinding plant at Monrovia. The deal also includes the option to double the production capacity if the unit.

Liberia: The government is considering a 17-year tax reduction deal worth US$200m to encourage the Liberia Steel and Cement Mining (LICEMCO) to build a cement and steel plant. The so-called Investment Incentive Agreement is between the government, the TIDFORE Investment Company and LICEMCO, according to the Liberian Observer newspaper. A government Committee on Investment and Lands, Mines and Energy will investigate and report on the proposal by the end of July 2017.