Dubai (GulfNews.com) - The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed a $35 million loan to National Cement Company in Yemen. IFC's loan will support the construction of a greenfield cement plant at Al Anad, 70 kilometres north of Aden. The project will be one of the largest private investments in the country outside the oil sector.

The new plant will have an annual cement production capacity of 1.6 million tons and will include a 37.5 megawatt diesel-fired power plant.

Dimitris Tsitsiragos, IFC's director for Global Manufacturing and Services, said: "IFC's financing will help increase the local availability of cement and hence promote further growth in major sectors...

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Posted by rjorr at July 5, 2006 10:23 AM