Washington, D.C., February 24, 2006 —
The International Finance Corporation, the private sector arm of the World Bank Group, has signed a € 9 million loan (equivalent to $10.8 million) to BSA Ciment S.A., a Mauritanian company,
to support the construction of a modern cement production plant in Mauritania’s capital, Nouakchott.
IFC’s financing will help a local firm increase domestic cement production at a time when consumption is expected to rise significantly, as Mauritania starts producing oil this year. The plant will produce ready-mixed concrete, which can be used directly at construction sites without requiring on-site concrete mixing. This is expected to reduce waste and ensure consistent construction quality in the West African country.
Dimitris Tsitsiragos, IFC’s Director for Global Manufacturing and Services, said, “Access to reasonably priced building materials is a key requirement for growth in developing economies like Mauritania, where large investments in physical infrastructure are expected in the near future.”
Mr. Mohamed Bouamatou, Chairman and Managing Director of BSA Ciment S.A., said, “IFC’s loan will provide the long-term financing the project needs. We also appreciate the support IFC is providing on the technical aspects of the project.”
The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. For more information, visit
www.ifc.org
.
