Washington D.C., November 23, 2010—
IFC, a member of the World Bank Group, has invested 80 million euros in
the equity of Alexandria Portland Cement Company (APCC), a subsidiary of
the Greek cement manufacturer Titan Group, to support the company’s expansion
plans and the development of housing and infrastructure projects in Egypt.
IFC’s equity investment in Alexandria
Development Limited (ADL), a Titan holding company, will give IFC a 15.2
percent stake in APCC through ADL.
Dimitris Tsitsiragos, IFC Director for
the Middle East, North Africa and Southern Europe, said, “IFC’s investment
will help increase competition in Egypt’s construction sector, and improve
environmental standards in an industry that is critical to the development
of the country's infrastructure and housing sectors. The project will also
send a strong signal to other private investors in the country and the
APCC will use IFC’s financing to expand
and upgrade its operations in Egypt in response to growing demand in the
country for large infrastructure and low-income housing projects.
IFC’s investment will help secure current
employment at APCC, and generate new local employment opportunities. By
upgrading its operations, APCC should continue to achieve higher environmental
standards, thereby minimizing its impact on local communities.
APCC’s new line in its cement plant
in Beni Suef, Egypt, was recently lauded for its safety standards and named
one of the safest places to work in Egypt at the 2010 DuPont Safety Awards.
IFC, a member of the World Bank Group,
is the largest development institution focused on the private sector in
developing countries. We create opportunity for people to escape poverty
and improve their lives—by providing financing to help businesses employ
more people and provide essential services, mobilizing capital from others,
and delivering advisory and risk-management services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit
Titan Group is an independent multi-regional
producer of cement and other related building materials. Headquartered
in Greece, with a track record of continuous growth since its establishment
in Greece, 107 years ago, it has expanded its production and distribution
operations into 12 countries, directly employing more than 5,900 people,
with a consolidated turnover of €1.36 billion (2009). Titan is listed
on the Athens Stock Exchange, and is a core member of the World Business
Council for Sustainable Development.