Obinna Chima talks on the additional $500 million that BUA Cement Plc has secured for the expansion of its manufacturing facilities. The International Finance Corporation (IFC) and its partners provided $500 million in funding to BUA Cement Plc last week.
With the help of partners from Africa and Europe, the IFC made its largest-ever investment in northern Nigeria through the facility by offering BUA Cement Plc a financing package to help the company partially finance the development of two new, energy-efficient cement production lines that could result in up to 12,000 direct and indirect jobs.
The funding package included a $94.5 million loan under the Managed Co-Lending Portfolio Program (MCPP), a $160.5 million loan from the multilateral agency’s own account, and $245 million in parallel loans from syndication partners; the African Development Bank (AfDB) – $100 million, the Africa Finance Corporation (AFC) – $100 million, and the German Investment Corporation, Deutsche Investitions- und Entwicklungsgesellschaft (DEG) – $45 million.
