US$70m boost for Kenya's National Cement
The IFC, a member of the World Bank Group, will provide National Cement Company Ltd, Kenya, with up to US$70 million.
National Cement will use the money from IFC to increase cement production capacity to 1.7 million tpa – five times its current capacity. The expansion project will generate over 6000 jobs and aid the smaller local companies that provide services for National Cement. IFC will also work with the Kenyan cement manufacturer to enhance production and quality standards, increase energy efficiency and health and safety, as well as local outreach initiatives.
National Cement is part of the Devki Group, which also operates in the country’s steel and services industries. In the last six years, cement consumption in Kenya has risen by an annual rate of 13%.
“Kenya often imports cement at high costs. This investment in National Cement will increase the supply of locally produced cement, providing building blocks for East Africa’s infrastructure needs. We would like to send a strong signal of IFC’s confidence in a Kenyan company making a difference in the local economy,” added Oumar Seydi, IFC Director for Eastern and Southern Africa.