Cimaf Cabon is the Gabonese subsidiary of CIMAF, a Moroccan group with a pan-African activity in manufacturing and marketing cement. The group has 13 cement plants in Africa (including 5 under construction), with a production capacity of 8.5 million tons of cement per year.
The project involves a EUR 23.5m senior loan to Cimaf Gabon for an extension of 350 kilotons per year in a cement grinding unit in Owendo in Gabon.
The project should contribute to:
- Import substitution (the project replaces cement imports, in line with the aim of the authorities to develop local industry)
- Providing support for construction material essential to the development of infrastructure and housing
- Creating or maintaining over 2,000 jobs over the next 5 years
- Providing assistance to improve the Group’s environmental and social (E&S) practices, in particular for the clean-up and decommissioning of a derelict site owned by a local subsidiary of the borrower, CimGabon.
The project will therefore support SDG 8 “Decent work and economic growth” and SDG 9 “Industry, innovation and infrastructure” by developing local cement production and thereby supporting the construction of infrastructure in the country.
This information is given at the time of signature, without prejudice to any developments in the operation/project