31128 - Titan Danube

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Summary of Proposed Investment

Project Number

31128

Company Name

TITAN CEMENT CYPRUS LIMITED

Date SPI Disclosed

Feb 23, 2012

Country

Southern Europe Subregion

Industry

Manufacturing

Projected Board Date

Apr 26, 2012

Status

Completed

Sector

Cement

Date Revised SPI Disclosed

Mar 22, 2012

Department

Regional Industry MAS LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : Apr 26, 2012
Signed : Jun 1, 2012
Invested : Jun 22, 2012

Project Description

Titan Cement Company S.A. (“Titan Group”, the “Group” or the “Sponsor”), an existing IFC client and Greece’s leading private cement company, is seeking to expand its cooperation with IFC by inviting IFC to invest in its Former Yugoslav Republic of Macedonia (FYROM), Kosovo, and Serbia operations. These operations mainly consist of three entities: Cementara Kosjeric (TCK), Cementarnica Usje (TCU), and SharrCem (TSC) (together, the “Companies”) that have a combined production capacity of about 3.5 million tons per annum (mtpa) and are engaged in an investment program which also includes environmental improvements and various debottlenecking investments in all plants (the “Project”).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	66.67

Development Impact

(i) Contributing to further improving infrastructure development and strengthening the capacity of the construction sector and related activities, a key growth and local sustainability area for the Balkans in the long-term
(ii) Supporting employment and enabling entrepreneurial opportunities through increased operational efficiencies at energy consumption, resource utilization, etc.
(iii) Contributing and safeguarding income to the Governments through taxes as a result of the plants'' operations and continuous performance improvement
(iv) Supporting and strengthening local SMEs by promoting sub-contracting at local level and investing in their continuous performance improvement

(i) further strengthen the long-term partnership with Titan Group in developing countries to finance growth and promote sustainable behavior in their business practices with commitment across multiple phases of expansions and economic cycles;
(ii) provide long-term financing that is currently unavailable locally, regionally or globally due to the current economic crisis and sentiment of uncertainty through its countercyclical role;
(iii) offer the Company IFC''s expertise and support in achieving international best practice environmental and social standards in an industry that is quickly evolving in that respect as well as in the areas of energy efficiency and renewable energy.

The proposed project is to invest in environmental, energy efficiency and debottlenecking upgrades to existing cement plants that have been under the Titan Group''s control for some years. The upgrades are being developed in accordance with national regulatory requirements and international standards by a Sponsor committed to and with a long track record of good environmental and social management. The project will follow international labor standards, will only have emissions and discharges from controlled sources in compliance with local regulations and World Bank Group (WBG) guidelines, and will include sustainable quarry operation planning including progressive quarry rehabilitation. As documented further in this document there is no involuntary resettlement. With no indication of impacts related to Performance Standards 5, 7 and 8 and only readily mitigated environmental issues under Performance Standards 1 through 4 and 6 this is a Category B project.

Contacts

For Inquiries About the Project, Contact

In Serbia:
Titan Cementara Kosjeric D.O.O.
Zivojina Misica bb, 31260,
Kosjeric, Serbia
Tel: +381 31 590 300
Tel: +381 31 590 398

In Former Yugoslav Republic of Macedonia:
Titan Cementarnica Usje A.D. - Skopje
Ul. Prvomajska, bb, 1000,
Skopje, R. Macedonia
Tel: +389 (2) 2782 500
Fax: +389 (2) 2782 390

In Kosovo:
SHARRCEM SH.P.K.
Adem Jashari p.n., 71510
Hani i Elezit, Kosovo
Tel: + 381 290 385 500
Fax: + 381 290 385 510

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Washington DC 20433
Telephone: 202-473-3800
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Local Access of Project Documentation

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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