• International Finance Corporation to invest in Senegalese cement manufacturing company to improve low-carbon production.
• The investment will enable Sococim to produce cement with one of the lowest emission rates in the world.

In a statement released earlier this week, World Bank’s investment arm, International Finance Corporation (IFC), reported investing $256 million in Senegal’s most prominent integrated cement manufacturer, Sococim Industries, to improve low-carbon production.

According to the statement, a subsidiary of French group Vicat, Sococim according to the statement will receive a €120 million loan from IFC’s account and €122 million from Societe Generale Senegal and other funders.

The International Finance Corporation stated that the greater share of the funding which is €214 million will be used for green activities.

The French group subsidiary also noted that the investment will support its long-term financing needs, as it plans to replace part of its current clinker lines with one new fuel-efficient one.

The investment will also enable Sococim to produce cement with one of the lowest emission rates in the world, reducing greenhouse gas emissions by 312,000 tons of CO2 per year by 2030.

Sococim is a Senegalese cement manufacturing industry based in Rufisque. It was founded in 1948 but was acquired by French Group Vicat in 1999. Sococim Industries is West Africa’s largest cement plant. Since its inception, production output has increased from 40,000 tons to 3.5 million tons annually.