Announcement of Morocco to Make More Cement as IFC Invests in Marrakech Project on May 17, 1976

International Finance Corporation 1818 H Street, NW. • Washington, D.C. 20433. U.SA 202-393-6360 IFC Pr·ess Release No. 76/8 Monday, May 17, 1976 Morocco to Make More Cement IFC Invests in Marrakech Project The International Finance Corporation (IFC), an affiliate of the World Bank, is making a $1,464,000 equity and contingent investment in a new, $40.7 million cement company in Morocco which will help to meet rapidly growing local demand and reduce rising cement imports. The investment is being made in Societe des Ciments de Marrakech S.A., which is building a 550,000 metric tons a year, dry pro<::ess cement plant near Marrakech. Sponsors of the project are.. Societe Nationale d' Investissement, a Moroccan development finance institution which is investing in the project through a subsidiary; Societe Nouvelles des Conduites d'Eau, a Moroccan company; • Banque Nationale pour le Developpement Economique, Morocco's largest development finance company, which both IFC and the World Bank have helped to finance; Lafarge Maroc; and Societe des Giments Artificiels de Meknes. The last two companies are Moroccan affiliates of the French group Ciments Lafarge, one of the large cement manufacturers in Europe, which is responsible for the technical aspects of the project. The sponsors are providing equity of approximately $10,980,000. Loan financing consists of $15,610,000 from Banque Nationale pour le Developpement Economique, $7,315,000 in suppliers' credits from French banks, and $5,615,000 from local banks. The plant is located about 28 miles west of Marrakech near limestone, gypsum and pozzolana deposits. Commercial production, expected to begin in June, will provide some 200 new jobs and save an estimated $11 million a year in foreign exchange. (Any inquiries strictly relating to IFC's participation in this project should • be directed to the IFC Business Relations Unit, 1818 H Street, N.W., Washington, D.C. 20433, Telephone (202) 477-2355) .