BOAD provides CimCo with CFA20bn to build a new cement factory in Togo

Monday, 28 September 2020 15:50
BOAD provides CimCo with CFA20bn to build a new cement factory in Togo

(Togo First) - For its establishment and expansion in Togo, Cimenterie de Côte Ouest-Africaine (CimCo) will receive a CFA20 billion loan from the BOAD. The long-term facility was approved last Friday by the Bank’s board of directors. 

CimCo is the subsidiary of CimMetal group which belongs to Burkinabe businessman Kanzoe Inoussa. The group intends to invest nearly CFA100 billion in its Togolese project. 

Already, CimMetal, which obtained at the end of 2019 the government’s approval to start activities in the country has ordered the construction of a cement factory in the industrial zone of the Lomé port. The plant, which will have a production capacity of 2.5 million tons per year will be designed and built by German firms Intercem and Gebr Pfeiffer, respectively. The factory should become operational in Q1 2021 - it will help meet the needs of the region. 

Besides Togo where it is now entering, CimMetal has one cement plant in Burkina Faso (CimFaso launched in 2015), another in Ivory Coast (Cim Ivoire launched early last year), and is building a third one in Mali (Cim Mali).

According to the BOAD, “the targeted goal is to contribute to the satisfaction of cement demand in Togo and the region by taking advantage of the geographic location of the port of Lomé, as well as to contribute to the country’s economic growth by boosting the competitiveness of the industrial sector along with performances of the infrastructure sector.”

Fiacre E. Kakpo

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