By George M.O. Williams
FREETOWN — The International Finance Corporation (IFC) has signed a US$24 million loan agreement with MACCEM Industries Limited to support the construction of a new cement grinding plant in Sierra Leone. The signing ceremony took place on Tuesday, 23 September 2025, at the World Bank Country Office in Freetown.
The financing package will enable MACCEM to build and operate a state-of-the-art cement grinding facility in Freetown, with an annual production capacity of 657,000 tons—enough to meet up to 65% of the country’s cement demand. The project is expected to generate over 4,000 direct and indirect jobs and significantly reduce Sierra Leone’s dependence on cement imports.
IFC’s Joint Country Representative, Abdu Muwonge, hailed the investment as a strategic move to promote local production, job creation, and private sector-led growth. He revealed that the financing includes US$12 million from IFC’s own account and another US$12 million from the IDA20 IFC-MIGA Private Sector Window Blended Finance Facility.
“This investment promotes local production, supports the government’s job creation agenda, and aligns with our strategy to foster private sector-led growth and economic diversification,” Muwonge stated. He also noted that the facility will incorporate solar energy to reduce operational costs and support Sierra Leone’s low-carbon development goals.
Muwonge added that IFC’s current investment portfolio in Sierra Leone stands at US$35.5 million, spanning sectors such as agribusiness, energy, telecommunications, and financial inclusion.
MACCEM CEO Ahmed Mackie described the project as a milestone for Sierra Leone’s industrial development. “We are building Sierra Leone’s first cement grinding plant in four decades—a project that will not only reduce import dependency but also generate thousands of jobs, empower small businesses, and contribute to national development,” he said. Mackie reaffirmed the company’s commitment to clean energy, community engagement, and sustainable growth.
Deputy Minister of Finance II, Jenneh Jabati, praised the initiative as a step toward stabilizing cement prices and stimulating economic growth. “This project will promote job creation, stabilize cement prices, and boost the economy. The government remains fully committed to supporting initiatives that promote local production,” she affirmed.
Founded in 2019, MACCEM Industries is a Sierra Leonean-owned company dedicated to reducing reliance on imported cement and advancing national development. The company is currently constructing a modern cement facility in Hastings, poised to reshape the country’s construction and manufacturing landscape.
