HeidelbergCement subsidiary Scancem, in partnership with Maxime Cardoz, a private investor from Senegal, has applied to the IFC for a loan of EUR11m to help finance Guinea-Bissau's first grinding plant.

The Cardoz Cimentos de Bissau project, which is 60 per cent owned by Cardoz and 40 per cent by Scancem, would be located 1.5km from the port of Bissau, a  plant location in an area which currently absorbs 50 per cent of the country's cement consumption.

The project has an estimated cost of EUR22m and the requested loan amount is EUR11m. The IFC’s review of the project included a visit to the project site and consideration of all submitted information such as the Environmental and Social Impact Assessment as well as social management plans. A decision on the funding is set to be made on 27 February.

Presently, cement consumption in Guinea-Bissau is entirely dependent on imports, which primarily come from Senegal via the country's sole port at Bissau and are responsible for 80 per cent of its international trade.