Sococim Low Carbon Cement II (IFC-50290)

Countries
  • Senegal
Geographic location where the impacts of the investment may be experienced.
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
Approved
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."
Voting Date
Dec 18, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Sococim Industries
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)
$ 316.91 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 Mar 17, 2025

Disclosed by Bank Nov 18, 2024

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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 a debt facility to Sococim Industries, the largest integrated cement manufacturer in Senegal to fund working capital and additional capital expenditures related to kiln modernization at its existing facility near Dakar, Senegal. Sococim is a subsidiary of Vicat S.A, (‘Vicat’, ‘Sponsor’, or the ‘Guarantor’), an existing and strategic client for IFC, and one of the top global cement makers.

IFC’s facility will enable Sococim to replace and modernize part of its existing capacity with a modern fuel-efficient kiln (the ‘Project’) with Best Available Technology. Further, the Project will enable the Company to replace all of its clinker imports.

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 Environment and Social Sustainability (2012). Based on information reviewed by IFC, the proposed project will have limited adverse E&S impacts that are few, site specific, largely reversible and readily addressed through existing mitigation measures and good international industry practices (GIIP).

Key issues and risks associated with the Project include: (i) management of contracted workforce (construction and operations); (ii) enforcement of occupational health and safety requirements in construction; (iii) monitoring of air quality, noise and vibration to assess efficacy of the mitigation measures; (iv) dissemination of the community grievance mechanism. 

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

The Total Project Cost related to the kiln modernization is expected to be up to €291 million. IFC’s financing is of up to €75m in IFC A-loan.

IFC's Investment as Approved by the Board: Loan 316.91 million (USD)

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.

Sococim Industries is the largest integrated cement manufacturer in Senegal.

The Sponsor is Vicat Group (EPA: VCT), an integrated global cement manufacturer that is listed on Euronext Paris with market cap of €1.6 billion. As of FY2023, it operates in 12 countries and employs ~10,000 people, with 66% of revenues (of €3.9 billion) realized in Europe and the Americas (France, US, Italy, Switzerland, and Brazil) and 34% in emerging markets (Kazakhstan, Egypt, Senegal, Mali, Mauritania, India, Turkey).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Sococim Industries Client -
- - - - Vicat S.A. Investor -

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.

Sococim Industries
Elhadji Seck
CEO

elhadji.seck@sococim.sn
Km 33 ancienne route de Thiès, Rufisque – Sénégal
http://www.sococim.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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