Washington, D.C., June 27, 2012
—IFC, a member of the World Bank Group, has invested €50 million for a minority stake in Titan Cement Cyprus, owned by Greek cement manufacturer Titan Cement, to promote the development of housing and infrastructure in Serbia, Kosovo and the Former Yugoslav Republic of Macedonia.
With building materials in high demand, IFC’s investment will support Titan’s subsidiaries in southern Europe: Cemertara Kosjeric in Serbia, Cementarnica USJE in the FYR Macedonia, and SharrCem in Kosovo. It will help the firms improve their environmental performance and energy efficiency while increasing their vertical integration. Combined, the companies have production capacity of about 3.5 million tons of cement per year.
“Titan will use IFC’s financing to support its operations in southern Europe in response to growing demand for infrastructure and housing projects in the region,” said Michael Sigalas, Director of Titan Group in Southeastern Europe and the Eastern Mediterranean. “IFC is our strategic partner; this is their third investment in regional businesses of the Titan Group.”
IFC will also offer Titan support in attaining international standards for environmental management and social responsibility in an industry that is quickly evolving and remains critical for the development of the region.
“Our investment in Titan will help to generate new local employment opportunities,” said Guy Ellena, IFC Director for Manufacturing, Agribusiness and Services for Europe, the Middle East and North Africa. “By upgrading its operations in Serbia, FYR Macedonia and Kosovo, Titan will continue to strive for the highest environmental standards.”
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit