Washington D.C., November 20, 2008—
IFC, a member of the World Bank Group, has agreed to provide €29.4 million in financing to Antea Cement to help the company build and operate a cement plant in Albania that would result in the creation of about 800 direct and indirect jobs while promoting the development of housing and infrastructure.
The financing package consists of a €12.6 million equity investment for a 20 percent stake in the company and a loan of €16.8 million. The European Bank for Reconstruction and Development will provide a parallel equity investment and loan of the same amounts.
Antea Cement, a subsidiary of the Greek cement manufacturer Titan Cement S.A., will use the IFC financing to construct a blended-cement plant north of Tirana with a capacity of 1.5 million tons. The output is mainly intended for the Albanian market, although the company has plans to export to Montenegro and Kosovo.
The new cement plant will directly result in the creation of 300 jobs, and an additional 500 jobs indirectly. It also will help meet the country’s increasing demand for cement, about half of which is currently met through imports. Cement exports by Antea would also help strengthen commercial links with neighboring countries.
“IFC is pleased to support Titan’s large investment in Albania and contribute to enhance competition and environmental standards in an industry, which is critical to the development of the country's infrastructure and housing sectors,” said Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services. “The project will send a strong signal to other private investors in the country and the region."
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 $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
About Titan
A leading exporter in cement, Titan Cement has plants in countries around the world and a large trading network in southeastern Europe. Titan’s total production capacity is around 16 million tons per year. For more information, visit
www.titan-cement.com
.
