Announcement of First IFC Investment in Sierra Leone on June 11, 1980

•• International Finance Corporation IFC Press Release No. 80/31 1818 H Street, N.W. Washington. D.C. 20433, U.S.A. 202-477-1234 Wednesday, June 11, 1980 First IFC Investment in Sierra Leone The International Finance Corporation (IFC), making its first invest- ment in Sierra Leone, is joining local and French investors in a 120,000 metric tons a year, $8.2 million equivalent Portland cement project to be located in the proximity of the port of Freetown. The investments are being made in Sierra Cement Manufacturing Compan.y Limited, a Sierra Leonean cement trading company which is now setting up a plant to produce cement from imported clinker and gypsum. The project includes a 15 ton-per-hour clinker grinding mill and related f aciliti.es and equipment. • Europe. At present, the country's cement requirements are met by imports from The Sierra Cement project will save an estimated $1.5 million a year in foreign exchange because of the lower shipping and handling costs for bulk raw materials compared to bagged cement. African Holding and Investment Company Limited, of Sierra Leone, is investing $1,305,000 in equity for the venture; Origny-Desvroise, S.A., a lead- ing French cement manufacturer, $1,143,000; and other local private investors, $219,000. Caisse Centrale de Cooperation Economique of France is providing $3,524,000 to the National Development Bank of Sierra Leone for onlending to the project, and IFC, an affiliate of the World Bank, is lending $2,050,000. (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.]