CEMEX obtain ‘green’ financing from IFC
International Finance Corp grants €106 million loan to support sustainable investment in emerging markets
THE International Finance Corporation (IFC) has granted CEMEX a loan of approximately €106 million to support the company’s sustainable investment programmes in emerging markets.
After a thorough assessment of CEMEX’s environmental, governance and social practices, the IFC will grant the funding for company projects designed to enhance environmental performance that were completed in 2014 and 2015, as well as ongoing during 2016, and which are part of the capital expenditure plan previously communicated by CEMEX.
Approximately 60% of the funds will be allocated for projects related to the reduction of CEMEX’s greenhouse gas emissions, while the remainder will be allocated to cover improvements to the company’s overall air emission controls.
‘The IFC’s support underscores and validates our sustainability efforts and vision,’ said CEMEX’s chief executive officer, Fernando A. Gonzalez. ‘We are very proud and encouraged by this relationship, and we continue to seek opportunities for further collaboration.’
Liz Bronder, the IFC’s director for Latin America and the Caribbean, said: ‘The IFC’s financing for CEMEX’s sustainable programmes is part of our commitment to invest in critical climate-smart solutions across emerging markets.
‘We are encouraged by CEMEX’s innovative initiatives and look forward to the company’s leadership expanding the climate change agenda among global key players.’
The IFC is joining CEMEX’s facilities agreement dated 29 September 2014, as amended and restated (the credit agreement), and maturing in 2020. This transaction increases the currently outstanding commitments under the credit agreement by approximately €106 million and diversifies CEMEX’s sources of funding.
