IFC funds to boost Senegal’s low-carbon cement production
The International Finance Corporation (IFC) announced a €75 million green loan to Senegal’s largest cement producer, Sococim Industries, to modernise its operations and boost low-carbon cement production.
The investment aims to support Senegal’s construction and housing sectors while reducing greenhouse gas emissions.
The financing will enable Sococim to adopt advanced technologies, including solar and refuse-derived fuels, helping the company cut 312,000 tons of CO2 emissions annually by 2030.
The project is also expected to generate approximately 4,700 indirect and induced jobs along the value chain.
This partnership builds on IFC’s broader initiative to support Senegal’s housing value chain and follows a previous financing package for Sococim in February 2023. Last fiscal year, IFC invested $615 million in Senegal across sectors such as renewable energy, digital infrastructure, and agriculture.
Attribution: Amwal Al Ghad English
Subediting: M. S. Salama
