The Project sponsor is Mr. Anas Sefrioui, a Moroccan businessman with interests in the real estate and cement industries. Mr. Sefrioui owns 100% of OIP (a holding company incorporated in Morocco), 100% of CIMA Holdings (a holding company incorporated in Luxemburg), and 100% of the CIMAF subsidiaries.

The Project will be implemented by CIMAF Senegal, CIMAF Mali and CIMAF Ghana respectively. CIMAF Senegal and CIMAF Ghana are owned 70% by OIP and 30% by CIMA Holding, while CIMAF Mali is owned 90% by OIP and 10% by CIMA Holding.

The total Project cost is estimated at €250 million. The proposed investment is an up to €165 million financing package, consisting of up to €92.5 million in A-loans for IFC’s own account and up to €82.5 million in B1 and/or parallel loans. IDA PSW BFF may provide an up to €7.5 million senior loan to support the project in Mali as described in the Blended Finance Section.

The Project will be located (i) in the Pout Sud region in Senegal, 25km east of Dakar, for CIMAF Senegal; (ii) on the current site of its existing cement grinding station in Dio Gare, Mali, 35 km from Bamako, for CIMAF Mali; and (iii) on the current site of its existing cement grinding station in Tema, Ghana, a major port area 30km outside Accra, for CIMAF Ghana.

 The proposed investment is a Category A project in accordance with IFC’s Policy on Environmental and Social Sustainability. The project is expected to contribute to cumulative regional impacts (mainly relating to air quality, water quality and availability, ecosystem services, noise and vibrations from quarrying operation and land use restriction for host communities) due to similar limestone quarrying and cement production activities in the same general location as the new cement plant in Senegal within the Thies Forest. As such, the project is expected to result in significant, diverse and some irreversible E&S impacts. 

The key E&S risks and issues related to the project include: i) the adequacy of the Group’s E&S policies and procedures for effective and systematic assessment and management of E&S risks and impacts during construction and operations; ii) management of the workforce and working conditions including occupational health and safety, grievance management and management of third party workers; iii) resource use efficiency and greenhouse gas emissions, iv) hazardous materials management; v) management of wastes and emissions; v) security management; vi) impacts on biodiversity; vii) impacts on communities livelihoods, health safety and security, including influx management and traffic impacts and viii) stakeholder engagement.