Developing cement capacities in Africa

HeidelbergCement and IFC, a member of the World Bank Group, signed an agreement to support the development of the local infrastructure in Sub-Saharan ­Africa by increasing the local supply of cement. Under the agreement, IFC and its financial partners will inject equity of up to 180 million US$ in exchange for a minority stake in the Heidelberg
Cement Group’s operations in Africa (Fig.). ­HeidelbergCement is committed to using the proceeds to invest in the expansion of local cement capacities in sub-Saharan countries supported by the International Development Association (IDA). “We are very happy about the partnership with IFC that creates a win-win situation for all parties involved,” explains Dr. Bernd Scheifele, CEO of HeidelbergCement. “Through the co-operation with IFC, HeidelbergCement secures attractive equity financing for the development of local cement capacities in Africa.”