DRC’s Nyumba Cement secures US$135 million loan
The Nyumba Ya Akiba Cement project in the Democratic Republic of Congo has signed a loan agreement for US$135 million, which completes the project’s financing. Funding has been granted by the African Development Bank (AfDB) along with other investors. The plant will add 1.18 million t to the country’s cement capacity.
Located in the Songololo, Bas Congo province of the DRC, the Nyumba Cement project has limestone and clay quarries onsite, 250 kilometres from Kinshasa. The Matadi port, located 100 km from the plant, will allow easy access for importing raw materials and for exporting in the regional markets.
The project is sponsored by a 50/50 JV between Pakistan’s largest cement producer and exporter, Lucky Cement Limited, and the Groupe Rawji, one of the DRC’s largest conglomerates.
Nyumba Cement will stimulate a local cement industry currently consisting of only a few small functioning cement plants. It will also ease the country’s dependency on expensive imports that stand at over 50% of total cement consumption.
Nyumba Cement will enhance the efficiency of the domestic markets, boost infrastructure, create jobs and transfer knowledge to the local workforce and is expected to attract direct investments to the DRC