Titan S.A (Titan or the sponsor), the sponsor of the project is a leading Greek cement producer. Titan has established an international presence with current annual production capacity of about 15 million tons. In addition, the Group has several cement distribution centers and ready-mix facilities.

The total project cost is estimated at €210 million. IFC’s proposed investment comprises of an equity investment of €12.6 million and Shareholder Loan of €16.8 million.

46.06 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	26.32
Equity	19.74

* These investment figures are indicative

The main project site at Boka e Kuqe comprises the limestone quarry and the cement manufacturing plant. The Flysch quarry is situated about 3 km away from the plant.

The project will allow Albania to shift from being an importer of cement to becoming self-sufficient. The project is also expected to provide employment to about 400 workers (including about 330 workers at the plant) and generate indirect benefits through a substantial multiplier effect in construction and infrastructure sectors.

IFC will play a critical role in providing long-term funds for a large, capital-intensive investment to support the development of a competitive cement producer in a country where such funds are scarce. Additionally, IFC will ensure the project’s compliance with the World Bank environmental, social, and safety policies and guidelines.

The review of this project consisted of appraising the project’s technical, environmental and social information, visits to the project’s plant and quarry sites, as well as surrounding areas. The project documentation prepared by Antea and its consultants has also been reviewed and discussed in detail with the company and its consultants. An IFC representative has also met with relevant local authorities.

Performance standards (PS) applicable to this investment include:

- PS1: Social and Environmental Assessment and Management Systems
- PS2: Labor and Working Conditions
- PS3: Pollution Prevention and Abatement
- PS4: Community Health, Safety and Security
- PS5: Land Acquisition and Involuntary Resettlement
- PS6: Biodiversity Conservation and Natural Resources Management
- PS8: Cultural Heritage

The following Performance Standard was screened out during the due diligence process:

- PS7: Indigenous People - none were identified within the project affected area.

The Antea Project requires significant land acquisition which will result in economic displacement of some local inhabitants of the project affected areas and associated conversion of herbal collection and agricultural land to industrial usage in a valley area with little industrial tradition. Some species of flora and fauna found in the broad project area are of conservation concern in Albanian and on the “least concern” category of the IUCN Red List. The project has been classified as a “Category A” project according to IFC’s Environmental and Social Review Procedure because this land acquisition impact is considered to be “significant, adverse and largely irreversible”. Antea will implement measures to address the potential environmental and social impacts of the Project and to ensure that the Project will, upon implementation of the specific agreed measures, comply with all environmental and social requirements (Albanian laws and regulations and the IFC environment and social policies and the IFC environmental, health and safety guidelines). Information about how these potential impacts will be addressed by Antea is summarized in the Environmental and Social Review Summary (ESRS) and in the Action Plan agreed with the client.