Freetown, Sierra Leone, September 23, 2025 —To reduce Sierra Leone’s reliance on cement imports, improve access to locally produced building materials create jobs in the country, IFC, a member of the World Bank Group, today announced a financing package for MACCEM Industries SL Limited, a leading local cement producer.
The $24 million financing package will allow MACCEM to build and operate a new cement grinding plant in Freetown, creating thousands of jobs. IFC will lend $12 million from its own account and an additional $12 million loan will be provided by the IDA20 IFC-MIGA Private Sector Window Blended Finance Facility.
With a planned capacity of 657,000 tons annually, the cement grinding plant will be the first to be built in Sierra Leone in four decades. It is expected to create over 4,000 direct and indirect jobs and meet up to 65 percent of domestic demand for cement.
“This partnership with IFC marks a new chapter for Maccem and for Sierra Leone,” said
Ahmad Mackie, CEO of Maccem Industries SL Limited. “Together we are building the country’s first cement grinding plant in four decades, a project that will reduce import dependency, create jobs, empower local businesses, and set a stronger foundation for sustainable and inclusive growth.”
“IFC’s partnership with MACCEM will support the development of housing and vital infrastructure such as roads, housing, water systems, and energy projects,” said Abdu Muwonge, WBG Joint Country Representative, Sierra Leone. “This project underscores IFC’s commitment to supporting resilient industries that drive long-term development in emerging markets.”
The new plant will also integrate solar energy into its operations, helping drive down utility costs and contributing towards the country’s goals of building lower carbon infrastructure.
This project builds on the World Bank Group’s strategy to promote private sector-led growth and economic diversification in Sierra Leone. IFC has an investment portfolio of $43.5 million in Sierra Leone, with investment and advisory projects in sectors ranging from agribusiness and the financial inclusion to energy and telecoms.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
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About MACCEM Industries
Maccem Industries (SL) Limited is a proudly Sierra Leonean company, established in 2019 to transform the nation’s cement industry and reduce reliance on imports. Founded with a vision to support sustainable national growth, Maccem is currently developing a modern cement manufacturing facility in Hastings, Western Area Rural District — the first of its kind in over four decades. The factory, situated on a 10.9-acre site between the Hastings and the Jui-Masiaka Highway, will combine local and imported raw materials to produce high-quality cement. With an annual capacity of 657,000 tons, the facility is designed to meet up to 65 percent of domestic demand. Established with an initial investment capital of over US$10 million, Maccem began operations by packaging imported loose-bulk Portland Cement of 42.5R grade in 50kg and 25kg packages to ensure affordability and availability. The new US$24 million investment by IFC will enable Maccem to advance into its next phase — producing cement locally in Sierra Leone and further strengthening the country’s self-reliance in building materials.
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