Senegal’s Largest Cement Manufacturer Gets €242m Green Loan
The loan arranged by the International Finance Corp., will go toward replacing Sococim’s clinkers with more fuel-efficient ones and reduce its carbon emissions, the IFC, a member of the World Bank Group, says in a statement on its website.
- The loan comprises a €120 million from IFC and €122 million local currency parallel borrowings from Societe Generale Senegal, CBAO Groupe Attijariwafa Bank, Banque Internationale Pour Le Commerce et l’Industrie du Senegal and Ecobank Sénégal
- Société Générale Sénégal will manage the local currency financing with the other lenders
- Financing is IFC’s first green loan for base-material manufacturing in Africa
- Sococim is Senegal’s largest integrated cement manufacturer and a subsidiary of French cement maker Vicat S.A.