Announcement of IFC Helps Finance One Hundred Fifty-Five Million US Dollars Cement Project in Morocco on November 4, 1981

IFC Press Release No. 82/11 Wednesday, November 4, 1981 IFC Helps Finance $155 Million Cement Project in Morocco The International Finance Corporation (IFC) is providing a $15.8 million loan to Cimenterie Nouvelle de Casablanca to help finance the construction of a $155.4 million cement plant in Morocco to be located at Sidi Layachi near Casa- blanca. The new plant which will replace the existing facilities of Societe Lafarge Maroc, whose limestone quarry will soon be depleted, will produce 1.2 million tons of cement annually, for the local market. Equity financing for Cimenterie Nouvelle de Casablanca includes $19.3 million from Societe Lafarge Maroc and its shareholders; $10.5 million from the French firm selected to supply the plant, Fives Caille Babcok. Other shareholders, including private Moroccan insurance companies and a Moroccan private pension fund for professional workers and government employees are expected to complete the equity financing. Loan financing*will include $32.0 million from Banque Nationale pour le Developpement Economique, Morocco's largest, predominantly private development finance company; IFC's loan; $5.1 million from local banks; and a $46.8 million of suppliers' credits. Cash generation of $1 million will complete the financial plan. The project is IFC's third investment in assisting the development of the Moroccan cement industry in recent years. It will ensure continued supplies of cement to the Casablanca area and will result in foreign exchange savings for Morocco estimated at $28.1 million per year over the life of the project. [Any inquiries strictly relating to IFC's participation in this project should be directed to the IFC Information Office, 1818 H Street, N.W., Washington, D.C. 20433, Telephone (202) 676-0394.]