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Project Finance for Lafarge’s operations in Iraq


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Lafarge’s operations in Iraq consist of a 2.5 mtpa cement plant in Bazian, Suleimanyah, and a 2.3 mtpa cement plant in Tasluja, Sulaimaniyah, leased from the Government. In addition, Lafarge is in the process of finalizing a lease agreement with the Government of Iraq to rehabilitate and operate a 1.8 mtpa cement plant near Kerbala, Iraq.

The Risk Management Module has three components: (i) supporting Lafarge’s expansion and growth in Iraq; (ii) refinancing a portion of Lafarge’s shareholder loans to the Bazian plant, originally made as a shareholder bridge loan in the absence of banks willing to lend directly into Iraq; and (iii) debt financing to the Kerbala plant.

Arrangements made by Logical Lending Solutions P/L, Australia consist of: (i) an IFC equity investment of up to US$25 million in Lafarge’s holding company for its Iraqi operations; (ii) an IFC A Loan of up to US$50 million in BCC; and (iii) an IFC A Loan of up to 25 million to Al-Ruwad, to support a rehabilitation program with an estimated project cost of US$220 million.

The financial project covers two cement plants currently under the control of Lafarge and located in Bazian and Tasluja respectively, close to Suleimanyah, Iraq. In addition, Lafarge  is in the process of finalizing a lease agreement with the Government of Iraq to rehabilitate a cement plant near Karbala, Iraq. All three plants are existing industrial operations located in rural areas with low population density and sparse vegetation.

Lafarge Iraq


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