Washington D.C., November 20, 2008—IFC,
a member of the World Bank Group, has agreed to provide €29.4 million
in financing to Antea Cement to help the company build and operate a cement
plant in Albania that would result in the creation of about 800 direct
and indirect jobs while promoting the development of housing and infrastructure.
The financing package consists of a €12.6
million equity investment for a 20 percent stake in the company and a loan
of €16.8 million. The European Bank for Reconstruction and Development
will provide a parallel equity investment and loan of the same amounts.
Antea Cement, a subsidiary of the Greek
cement manufacturer Titan Cement S.A., will use the IFC financing to construct
a blended-cement plant north of Tirana with a capacity of 1.5 million tons.
The output is mainly intended for the Albanian market, although the company
has plans to export to Montenegro and Kosovo.
The new cement plant will directly result
in the creation of 300 jobs, and an additional 500 jobs indirectly. It
also will help meet the country’s increasing demand for cement, about
half of which is currently met through imports. Cement exports by Antea
would also help strengthen commercial links with neighboring countries.
“IFC is pleased to support Titan’s
large investment in Albania and contribute to enhance competition and environmental
standards in an industry, which is critical to the development of the country's
infrastructure and housing sectors,” said Dimitris Tsitsiragos, IFC Director
for Global Manufacturing and Services. “The project will send a strong
signal to other private investors in the country and the region."
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
A leading exporter in cement, Titan Cement has plants in countries around
the world and a large trading network in southeastern Europe. Titan’s
total production capacity is around 16 million tons per year. For more
information, visit www.titan-cement.com.