- President Ruto's Vision of Affordable Housing Projects Taking Shape in Kenya
- Ethiopia Receives $720 Million in Funding for Road Construction Project
- $3.24 Billion to be Invested in Tanzania SGR Construction by Spain
- Ksh700 Billion to be Invested to Complete Pending Kenyan Road Projects
- $13.8 Billion Kenya-Ethiopia Railway Construction Plans Resume
- Lake Victoria Basin Project Receives Sh355 Million for Phase II Constructions
- Zanzibar Signs a USD 428 Million Agreement to Expand Pemba Airport
- Tanzania government plans to construct 2000 kilometres of roads in 2023
- Project to Build a Dual Carriageway on Kiambu Road in Kenya
- Kasanga port in Tanzania to expand capacity
IFC acquires stake, injects Sh6b in Kenyan cement firm
The cash will enable National Cement Company expand its operations and create over 6,000 jobs
he International Finance Corporation (IFC), a private sector lending arm of the World Bank, will inject Sh5.9 billion ($70m) into National Cement Company Limited, a member of the Devki Group Of Companies formed in 2008.
The cash injection will enable the Athi River-based firm expand operations, increase local supply of cement and promote infrastructure development in Africa.
This is part of the Sh6.4 billion deal that was agreed upon in February between IFC and the cement firm.
Under the arrangement, IFC will provide $55 million in debt. In addition, IFC and the IFC African, Latin American and Caribbean Fund will inject $15 million in equity into National Cement and will have a seat on the company’s board.
IFC investment will enable the firm to multiply its production five-fold to 1.7 million metric tonnes per year. National Cement plans to expand its cement factory in Nairobi, creating over 6,000 jobs. Small businesses that transport the firm’s raw materials and provide general services will also benefit economically.
Devki Group Chairman Narendra Raval said by partnering with IFC, National Cement looks forward to combining its experience in Kenya’s building materials sector with IFC’s international expertise in infrastructure and environment management.
As National Cement expands, we aim to contribute actively to improving infrastructure and housing in Kenya,” he said.
Oumar Seydi, IFC director for Eastern and Southern Africa said Kenya often imports cement at high costs, adding, “We would like to send a strong signal of IFC’s confidence in a Kenyan company making a difference in the local economy.
National Cement Company Limited was formed to construct and operate a a cement plant in the heart of Athi River, about 50 km from Nairobi City.
The New 2,000,000 tonnes per year dry cement plant incorporates modern control and cutting edge technologies, which include a Vertical Roller Mill, a Preheater, a Calciner, a Clinker Cooler and Ball Mill.
This equity injection will see National Cement undergo a two-phase expansion expected to be completed by 2016. The company has acquired 2,200 acres/890 ha of land between Merrueshi and Mbirikani (Kajiado County) with limestone and clay deposits on which it will build and operate the clinker production facility.
The area is estimated to have up to 60 million tonnes of limestone reserves, sufficient reserves for up to 45 years of production. The clinker plant will have a capacity of 1.1 metric tonnes per year when completed in 2016.
Source: expogr.com
Posted on : 30 Nov,-0001
Buildmart is Africa's leading directory and market news website for the building and construction industry | Kenya | Tanzania | Rwanda | Ethiopia
Exhibitions In Africa
- INTERNATIONAL ROOFING EXPO 2024
Las Vegas Convention Center, USA
04 - 06, Feb 2024 - PDAC CONVENTION 2024
Metro Toronto Convention Centre, Canada
03 - 06, March 2024 - MOSBUILD 2024
Crocus-Expo IEC, Moscow, Russia
02 - 05, April 2024 - BUILDEX 2024
Damascus International Fairground, Syria
04 - 08, June 2024 - 25th Buildexpo Kenya 2024
KICC, Nairobi, kenya
05 - 07, June 2024 - 09th Afriwood Kenya 2024
KICC, Nairobi, kenya
05 - 07, June 2024 - 09th LightExpo Kenya 2024
KICC, Nairobi, kenya
05 - 07, June 2024 - 08th Minexpo Africa 2024
KICC, Nairobi, Kenya
05 - 07, June 2024 - ARCHIDEX 2024
Kuala Lumpur Convention Centre (KLCC), Malaysia
03 - 06, July 2024 - 25th Buildexpo Tanzania 2024
Diamond Jubilee Expo Center, Dar-es-Salaam, Tanzania
25 - 27, Sep 2024