IFC considers $21.6mn financing package for Fouta Cement

Fouta Cement could receive up to USD 21.6mn from the IFC in the form of a USD 5.4mn A loan, a USD 5.4mn B loan and a USD 10.8mn subordinated loan. The funds will partially finance the construction and operations of a grinding plant in Monrovia to increase the supply of locally-produced cement and improve cost competitiveness.

The company is entirely owned by Fouta Corporation, the largest indigenous importer and distributor of rice, cement, steel rods and building materials. It is owned by five Liberian nationals. The projects sponsors are Hamidou Gnan (founder and MD), Mohammed Sow (President and Executive Director).