Washington D.C., November 23, 2010—
IFC, a member of the World Bank Group, has invested 80 million euros in the equity of Alexandria Portland Cement Company (APCC), a subsidiary of the Greek cement manufacturer Titan Group, to support the company’s expansion plans and the development of housing and infrastructure projects in Egypt.
IFC’s equity investment in Alexandria Development Limited (ADL), a Titan holding company, will give IFC a 15.2 percent stake in APCC through ADL.
Dimitris Tsitsiragos, IFC Director for the Middle East, North Africa and Southern Europe, said, “IFC’s investment will help increase competition in Egypt’s construction sector, and improve environmental standards in an industry that is critical to the development of the country's infrastructure and housing sectors. The project will also send a strong signal to other private investors in the country and the region."
APCC will use IFC’s financing to expand and upgrade its operations in Egypt in response to growing demand in the country for large infrastructure and low-income housing projects.
IFC’s investment will help secure current employment at APCC, and generate new local employment opportunities. By upgrading its operations, APCC should continue to achieve higher environmental standards, thereby minimizing its impact on local communities.
APCC’s new line in its cement plant in Beni Suef, Egypt, was recently lauded for its safety standards and named one of the safest places to work in Egypt at the 2010 DuPont Safety Awards.
About IFC
IFC, a member of the World Bank Group, is the largest development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives—by providing financing to help businesses employ more people and provide essential services, mobilizing capital from others, and delivering advisory and risk-management services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit
www.ifc.org
.
About Titan
Titan Group is an independent multi-regional producer of cement and other related building materials. Headquartered in Greece, with a track record of continuous growth since its establishment in Greece, 107 years ago, it has expanded its production and distribution operations into 12 countries, directly employing more than 5,900 people, with a consolidated turnover of €1.36 billion (2009). Titan is listed on the Athens Stock Exchange, and is a core member of the World Business Council for Sustainable Development.
