{"id":17436,"date":"2022-06-16T11:06:00","date_gmt":"2022-06-16T11:06:00","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/international-finance-corporation-partners-with-fouta-cement-to-support-manufacturing-and-construction-in-liberia%ef%bf%bc"},"modified":"2022-06-16T11:13:55","modified_gmt":"2022-06-16T11:13:55","slug":"international-finance-corporation-partners-with-fouta-cement-to-support-manufacturing-and-construction-in-liberia%ef%bf%bc","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/international-finance-corporation-partners-with-fouta-cement-to-support-manufacturing-and-construction-in-liberia%ef%bf%bc","title":{"rendered":"International Finance Corporation Partners with Fouta Cement to Support Manufacturing and Construction in Liberia\ufffc"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>To support local manufacturing and infrastructure development in Liberia, the International Finance Corporation IFC has announced a partnership with Fouta Cement Corporation (Fouta Cement), Liberia\u2019s second-largest cement supplier, to help it increase production and reduce Liberia\u2019s reliance on imported construction material.<\/p>\n

A financing package arranged by IFC, and announced on the sidelines of the Africa CEO Forum, will help Fouta Cement build and operate a cement grinding plant in Monrovia with an annual production capacity of 350,000 tons, creating 250 jobs during operations.<\/p>\n

The financing package of up to $21.2 million consists of a loan of up to $5.4 million from IFC\u2019s own account, a $10.8 million loan from the International Development Association\u2019s Private Sector Window Blended Finance Facility (IDA PSW BFF), and a loan of up to $5 million to be mobilized from Bank of Africa United Kingdom.<\/p>\n

Liberia\u2019s vast infrastructure gaps, worsened by years of conflict, are hindering the country\u2019s economic and social development. Boosting local cement production will give developers a reliable, affordable source of the essential building material, supporting new roads, bridges, and other infrastructure Liberia needs for growth and job creation.<\/p>\n

\u201cIFC\u2019s package of long-term investment and advisory services gives us the foundation and support we need to make the switch from reseller to manufacturer, thereby adding more value and creating more jobs in Liberia.\u201d said Hamidou Gnan, Fouta Cement\u2019s Managing Director.<\/p>\n

\u201cIFC\u2019s partnership with Fouta Cement comes at a critical time for Liberia as it recovers from the economic effects of COVID-19 and seeks to meet the longstanding infrastructure needs of the country. The investment is also IFC\u2019s largest in Liberia in recent years and is a strong show of support for the country\u2019s private sector and growth,\u201d said S\u00e9rgio Pimenta, IFC\u2019s Vice President for Africa.<\/p>\n

IFC will complement its investment with advisory services to help Fouta Cement implement best-practice environmental and social (E&S) standards and develop internal E&S and occupational health and safety capacity.<\/p>\n

The new plant will allow Fouta Cement to stop importing finished cement. The switch from cement imports to clinker imports- a constituent of cement-will cut the weight of Fouta Cement\u2019s imports by 20 percent, reducing its net greenhouse-gas emissions by about 3,200 tons of CO2 equivalent annually.<\/p>\n

IFC\u2019s strategy in Liberia focuses on supporting agribusiness, manufacturing, and access to finance.<\/p>\n

For More News And Analysis About Liberia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. To support local manufacturing and infrastructure development in Liberia, the International Finance Corporation IFC has announced a partnership with Fouta Cement Corporation (Fouta Cement), Liberia\u2019s second-largest cement supplier, to help it increase production and reduce Liberia\u2019s reliance on imported construction material. A financing package arranged by IFC, and announced on the sidelines […]<\/p>\n","protected":false},"author":84,"featured_media":17435,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,237,234],"class_list":["post-17436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nInternational Finance Corporation Partners with Fouta Cement to Support Manufacturing and Construction in Liberia\ufffc - Liberia<\/title>\n<meta name=\"description\" content=\"To support local manufacturing and infrastructure development in Liberia, the International Finance Corporation IFC has ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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