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Le Quotidien D’Oran , Algeria.
7/21/2009 12:00:00 AM
The World Bank will invest 24 million USD in cement plant in Djelfa
Egyptian ASEC has signed an association agreement with the International Finance Corporation (IFC), under the project of cement Djelfa. IFC, a subsidiary of the World Bank, which specializes in investing alongside the private sector, will invest 24 million USD in the company ASEC Algeria. The overall cost of cement is estimated at 550 million USD, with an annual production capacity of 3.1 million tonnes of cement and 3.3 million tonnes of clinker. Nearly 600 permenant jobs - and 1,500 casual jobs - will be created. The commissioning of the plant is scheduled for early summer 2010.

ASEC-Algeria is a joint subsidiary of ASEC and Citadel Capital Financial Group. ASEC - Arab Swiss Engineering Company - founded in Egypt in 1975 as a service company designed to improve the performance of the cement industry in the country. ASEC has grown remarkably over the years and has gradually expanded its operations in foreign markets, Sudan, Syria and Iraq. Citadel Capital brings together institutional investors and wealthy of the Middle East and North Africa.

Giorgio Bodo, President and CEO of ASEC, said the partnership with the subsidiary of the World Bank shows a willingness to carry out the commitments of his company on a strategic market.

Michael Essex, IFC Director for the Middle East and North Africa, said that this investment fits their strategy of developing regional trade and assistance to Algeria to diversify its economy. IFC hopes that their appointment will have a demonstration effect and encourage other investors to enter the Algerian market.

The production of public sector units is estimated at 300000 tonnes for the first four months of the year, up 15% for the same period of 2008. But the increase in production is hardly perceptible to the construction companies. The government has also to allow import of one million tons of this product because of the shortage and speculation in the market where the price of cement bag exceeds 800 Algerian Dinars.

le quotidien doran - 21 july 09.doc
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