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IFC ties up with HeidelbergCement AG to improve energy efficiency
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PR Newswire | 21 May, 2010
WASHINGTON: IFC, a member of the World Bank Group, has signed an agreement with HeidelbergCement AG to make an equity investment of up to $110 million to improve energy efficiency and increase capacity of the company's operations in Sub-Saharan Africa. In addition, other financial partners are expected to inject up to $ 70 million.
Through HeidelbergCement's holding entity Scancem International ANS, the company owns facilities in Benin, Gabon, Ghana, Liberia, Sierra Leone, Tanzania, and Togo. IFC's equity investment will support the modernization and expansion of these Sub-Saharan subsidiaries. The investment program will increase HeidelbergCement's clinker and cement production capacity and improve energy efficiency, thus reducing its carbon footprint.
"We are very happy about the partnership with IFC that creates a win-win situation for all parties involved," said Dr. Bernd Scheifele, CEO of HeidelbergCement.
"Through the cooperation with IFC, HeidelbergCement secures attractive financing for the development of local cement capacities in Africa. In this partnership we will contribute our long-standing international experience in the construction material industry and strong governance, ethical, and environmental management policies. The investment program will stimulate the improvement of local infrastructure and housing, create additional jobs, and improve environmental standards."
Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services,, said, "IFC's support of HeidelbergCement's strategic expansion will increase the supply of locally produced cement in the region and help stimulate the development of infrastructure. It also will improve production standards and help create employment opportunities."
About IFC:
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit www.ifc.org.
About HeidelbergCement:
HeidelbergCement is the global market leader in aggregates and a prominent player in the fields of cement, concrete and other downstream activities, making it one of the world's largest manufacturers of building materials.
The company employs some 53,000 people at 2,500 locations in more than 40 countries.
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