BUA Cement Secures $500 Million Loan From IFC

BUA Cement has secured a $500 million loan from the International Finance Corporation to finance the ongoing expansion of its integrated cement plants in Kalambaina, Sokoto State, Nigeria.

The company made this known in its regulatory notice to the Nigerian Exchange Limited.

The loan was secured through the IFC as lead arranger alongside other lenders including the African Development Bank (AfDB), Africa Finance Corporation (AFC), and Deutsche Investitions – undEntwicklungsgesellschaft (DEG).

According to a statement signed by the company Secretary, Satomi Hauwa, the company said: "This announcement is further to our disclosure dated 25th July 2022, wherein we informed the Nigerian Exchange Limited (the NGX), our esteemed shareholders, and the investing public that BUA Cement Plc (BUA Cement) was considering engaging in certain expansion projects and a debt raise of up to Five Hundred Million US Dollars ($500,000,000.00) from International Finnane Corporation (IFC), in its capacity as lead Arranger in conjunction with other lenders."