After a thorough assessment of Cemex’s environmental, governance and social practices, the IFC has said it will grant Cemex funding for projects designed to enhance environmental performance that were completed in 2014-2015 as well as ongoing during 2016 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 of the funds will be allocated to cover improvements to Cemex’s overall air emission controls.
“IFC’s support underscores and validates Cemex’s sustainability efforts and vision,” says Fernando A. Gonzalez, CEO of Cemex.
“We are very proud and encouraged by this relationship, and we continue to seek opportunities for further collaboration.”
Liz Bronder, IFC Director for Latin America and the Caribbean, says: “IFC’s financing to Cemex sustainable programs 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 29September, 2014, as amended and restated (the Credit Agreement) 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.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets.
Working with more than 2,000 businesses worldwide, the IFC uses its capital, expertise, and influence to create opportunity where it is needed most.
In fiscal year 2015, its long-term investments in developing countries rose to nearly US$18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity.