IFC invests EUR242m in Sococim Industries

The International Finance Corporation (IFC), the investment arm of the World Bank, has confirmed that it is investing EUR242m in Senegal-based cement producer, Sococim Industries, to help boost low-carbon cement production.

Sococim, a subsidiary of Vicat, will receive a EUR120m loan from IFC's own account and EUR122m equivalent in local currency from Société Générale Sénégal and other lenders, reports Reuters. Around EUR215m of the financing will be earmarked for green activities, said the IFC.

Sococim, which plans to replace part of its current clinker lines with one new fuel-efficient one, said this investment will support its long-term financing needs. It will also help reduce greenhouse gas emissions by 312,000tpa of CO₂ equivalent by 2030, enabling Sococim to produce cement with one of the lowest emission rates in the world, according to the company.