CBI Ghana: F-Scott & Heidelberg Materials JV LC3 Decarb (IFC-50039)

Countries
  • Ghana
Geographic location where the impacts of the investment may be experienced.
Specific Location
Tema, Accra
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
Continental Blue Investment Ghana Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 66.70 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Oct 26, 2025

Disclosed by Bank Aug 27, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment is up to US$20 million IFC A-Loan to Continental Blue Investment Ghana Limited (“CBI”), for the operation of a 400,000 tons per year Limestone Calcined Clay production plant, regarded as the largest flash calciner in the world. CBI is a leading cement producer in Ghana  and recently completed the expansion of its cement grinding capacity from 0.6 million tons per year (mtpy) to 1.4 mtpy. This financing will support the implementation of the Project to ramp up the production of Limestone Calcined Clay Cement (LC3) in Ghana. The Project is aimed at expanding and localizing cement production by partially substituting imported clinker with the calcined clay, thereby significantly reducing CO2 emissions and catalyzing a shift toward more sustainable cement production in the region.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability, as the proposed project is expected to have limited adverse environmental and social risks and impacts that are few in number and site-specific and can be avoided or mitigated by adhering to recognized performance standards, good international industry practices and guidelines.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project cost is US$66.7 million, financed with (i) US$38 million debt including IFC A-loan, and (ii) US$28.7 million in shareholders’ equity.
 IFC A-Loan: up to US$20 million

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Continental Blue Investment Ghana Limited (CBI) is a leading cement manufacturer in Ghana established in 2017 and operating in Tema’s industrial zone, Ghana. CBI is a subsidiary of CBI SA, a Swiss holding company that owns 70% of the business. CBI SA is a 50/50 joint venture between Heidelberg Materials and F. Scott AG. Minority shareholders in CBI Ghana include Norwegian (Norfund) and Danish (IFU) state-owned investment funds, and FLSmidth, Denmark.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Continental Blue Investment Ghana Limited (CBI Ghana) Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

CBI Ghana Ltd
Frederic Albrecht
Chief Executive Officer
+233244310707
f.albrecht@cbi-africa.com
P. O Box CT 8140, Cantonments, Accra, Ghana
https://cbighana.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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