Le lundi 27 février 2022, la International Finance Corporation ( Ifc) announced a partnership with Sococim Industries, the country's largest integrated cement manufacturer, to support decarbonization efforts.

The agreement between IFC and Sococim will, according to a press release, stimulate low-carbon cement production, create jobs and help fill the country's housing deficit. For the press release, “as part of this partnership, Ifc has arranged financing of 242 million euros in favor of Sococim, a subsidiary of the French cement manufacturer Vicat S.A. The financing includes a loan of 120 million euros from Ifc for its own account and the equivalent of 122 million euros in local currency in parallel loans from Société Générale Senegal, the Cbao Group Attijariwafa Bank, and the International Bank for the trade and the industry of Senegal and Ecobank Senegal. Société Générale Senegal will act as administrative agent to manage local currency financing with the other lenders.”

According to the same source, most of the financing - 214 million euros - will support the development of green activities, making it IFC's first green loan in the field of building materials manufacturing in Africa. This investment will support Sococim's long-term financing needs, including an investment of 260 million euros for the modernization of its clinker production plant near Dakar, the capital of Senegal.