(Ecofin Agency) - Norwegian Investment Fund for Developing Countries (Norfund) and Danish fund IFU invested US$27.9 million in Continental Blue Investments Ghana (CBI), one of Ghana's five cement producers. Of the US$27.9 million invested, IFU contributed US$7.5 million.

“We are excited to partner with and support CBI’s leadership team, its Board, and existing investors, and look forward to actively working with these stakeholders and our co-investor partners IFU and FLSmidth to support this proactive company in their market-leading effort to reduce carbon emissions in an essential sector for development,”  commented Naana Winful Fynn, Regional Director for West Africa for Norfund.

The new investment will support CBI's plans to almost triple its cement production in the next few years. Specifically, CBI intends to boost its presence in its Ghanaian underserved markets by increasing production from 555,000 metric tons to 1.4 metric tons per year.

It will also build a 405,000 tons per annum clay calcination unit to produce calcined clay to partially replace clinker in its cement and therefore significantly reduce its CO2 emissions. 

The joint investment comes more than a year after Lafarge Africa exited CBI's capital in January 2021. When divesting from the latter, Lafarge Africa explained it wanted to focus on its Nigerian market and reduce its debt.  

Chamberline Moko