(Ecofin Agency) - The West African Development (BOAD) provided Ivory Diamond Cement SA (IVOCEM SA) a loan amounting to 7.5 billion FCFA to implant in Anyama (30 km from Abidjan), Côte d’Ivoire, a clinker grinding unit. The loan which represents 46.3% of the project’s total cost is part of a syndication mandate of United Bank of Africa (UBA) Côte d'Ivoire.

The agreement associated to the loan was signed by Bassary TOURE, BOAD’s Vice-President, Rohist Prasad MOTAPARTI, IVOCEM’s director general, and Franklin EREBOR, director general UBA Côte d’Ivoire.

The clinker grinding unit will have a capacity of 500,000 tons of cement per year. The project arose from the existence of a promising market, characterized by an insufficiency of supply for cement for a highly increasing demand.

The agreement is the third between BOAD and IVOCEM SA’s promoters behind that for the establishment of two integrated cement plants in Mali and Niger, with 9.5 billion FCFA and 12.5 billion FCFA of financing respectively.