The International Finance Corporation (IFC) is providing Çimko a financing package that includes a US$40m loan for its own account and a US$25m syndicated loan from BNP Paribas Fotris mobilised by the IFC. The long-term financing will support Çimko’s investment in energy-efficiency and in the ready mix concrete market, the IFC said in a statement.
The Turkish cement producer’s investments will strengthen its overall competitiveness, increase employment in southeastern Turkey, enable the company to reduce greenhouse gas emissions, continue to supply more cement to the domestic market and export more cement to Middle East and North Africa (MENA) region. Çimko is a joint venture between local Sanko Group and Italy’s Cementerie Aldo Barbetti.
By Global Cement staff