Sococim Gets Funding To Decarbonise Cement Production
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Societe Generale Senegal is participating along with the IFC and three local banks in a €214 million (US$232 million) financing to support the decarbonisation of Societe Ouest Africaine des Ciments (Sococim), a subsidiary of French cement manufacturer Vicat Group.
Sococim will use the financing to reduce greenhouse gas emissions linked to the production of cement. The funds will also support its long-term €260 million (US$282 million) investment programme to modernise its clinker production plant near Dakar.
According to Societe Generale, the replacement of old clinker kilns with a modern, energy-efficient kiln will increase Sococim’s production capacity to 2 million tonnes a year. The revamped plant will use up to 70% alternative fuels, improving its energy efficiency and helping reduce greenhouse gas emissions to around 450kg per tonne of cement.
The financing includes a tranche of green loans granted in local currency by Societe Generale Senegal, CBAO Groupe Attijariwafa Bank, Banque Internationale Pour Le Commerce et l’Industrie du Senegal and Ecobank Senegal, as well as a tranche of green loans granted in euros by the IFC. Societe Generale Senegal will act as administrative agent to manage local currency financing with other lenders.
Previously in January, the IFC signed a collaboration agreement with local pharmaceutical group Duopharm to establish a manufacturing facility for generic drugs in Senegal. The investment is intended to reduce West Africa’s reliance on imported pharmaceuticals.
According to the IFC, 95% of medicines consumed in the region come from abroad. The aim is to reduce this to 50% by 2035.
Photo: Sococim factory (Source: Societe Generale Senegal)
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