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DR Congo’s Nyumba Ya Akiba Cement project has been awarded a loan of US$135mn to boost the cement market in the country
According to project officials, the African Development Bank (AfDB), Eksport Kredit Fonden (EKF), Emerging Africa Infrastructure Fund (EAIF), Habib Bank Limited (HBL) and International Finance Corporation (IFC) have agreed to financially support the project.
The construction of the project would add 1.18mn tonnes of cement to the market, confirmed officials from AfDB. The total cost of the project is US$270mn, of which US$135mn would be provided as a loan. Specifically, AfDB has agreed to contribute two tranches of up to US$30mn each, with one tranche being fully guaranteed by the Danish Export Credit Agency (EKF).
The limestone and clay quarries are located 100 km from the plant and 250 km from the capital Kinshasa. In addition, the plant’s proximity to the Matadi Port would allow the east of importing raw materials and exporting finished goods to markets.
The project is sponsored by a 50/50 JV between Lucky Cement Limited – Pakistan’s largest cement producer and exporter – and Groupe Rawji, one of the DR Congo’s largest conglomerates.
The Nyumba Ya Akiba Cement project is intended to boost the economy of DR Congo, and tap into the local cement factories. It would also ease the country’s dependence on imports, stated AfDB officials.