Tashkent, Uzbekistan (UzDaily.com) -- IFC, a member of the World Bank Group, is providing financing to Jambyl Cement Company in support of the company’s plans to build Kazakhstan’s first environmentally friendly, dry-process greenfield cement plant that will help meet the region’s growing demand for cement. The project will create 340 full-time jobs, while stimulating additional private sector growth and regional economic activity.

IFC will take a 10% stake in the company, with 60% majority owned by France’s Vicat Group and 30% minority participation from KazKommerts Invest, a leading Kazakh investment fund and original promoter of the project. IFC also is providing US$50 million in loans from its own account and has mobilized an additional US$110 million from Banca Intesa, Calyon, Crйdit Industriel et Commercial, and Societe Generale. When fully operational, the new plant will produce 1.1 metric tons a year.

“We are very pleased to have finalized a long term financing for our greenfield project in Kazakhstan with IFC support with satisfactory conditions, especially given the current economic environment,” said Guy Sidos, Chief Executive Officer of the Vicat Group. “IFC’s involvement confirms the quality of the project and the strong potential of the Kazakh market.”

Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services, said, “This investment represents the continuation of a successful long-term partnership with Vicat. The project will set higher environmental standards for the country’s cement sector, making use of clean technology and energy efficient processes.”

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled US$16.2 billion in fiscal 2008, a 34% increase over the previous year.

Founded in 1853, France’s Vicat Group manufactures cement, produces ready-mixed concrete and aggregates, and provides other products and services that complement its core business. In 2007, the group generated sales of 2.1 billion euros deriving from its three principal business segments. It employs 6,700 people and is present in Egypt, France, India, Italy, Kazakhstan, Mali, Mauritania, Senegal, Switzerland, Turkey, and the United States.

Kazkommerts Invest is the leading investment company in Central Asia actively engaged in private equity, asset management, brokerage & dealings and investment banking. KKI’s private equity project portfolio is spread across such sectors as oil & gas, agriculture, biotechnologies, real estate & construction materials.