OREANDA-NEWS. On 22 January 2009 was announced, that IFC, a member of the World Bank Group, is providing financing to Jambyl Cement Company in support of the company’s plans to build Kazakhstan’s first environmentally friendly, dry-process greenfield cement plant that will help meet the region’s growing demand for cement. The project will create 340 full-time jobs, while stimulating additional private sector growth and regional economic activity.

IFC will take a 10 percent stake in the company, with 60 percent majority owned by France’s Vicat Group and 30 percent minority participation from KazKommerts Invest, a leading Kazakh investment fund and original promoter of the project. IFC also is providing USD 50 million in loans from its own account and has mobilized an additional USD 110 million from Banca Intesa, Calyon, Crédit Industriel et Commercial, and Société Générale. When fully operational, the new plant will produce 1.1 metric tons a year.

“We are very pleased to have finalized a long term financing for our greenfield project in Kazakhstan with IFC support with satisfactory conditions, especially given the current economic environment,” said Guy Sidos, Chief Executive Officer of the Vicat Group. “IFC’s involvement confirms the quality of the project and the strong potential of the Kazakh market.”

Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services, said, “This investment represents the continuation of a successful long-term partnership with Vicat. The project will set higher environmental standards for the country’s cement sector, making use of clean technology and energy efficient processes.”