IFC Provides $24M to Fund Sierra Leone's First Cement Plant in Decades
TLDR
- The IFC is investing $24 million in MACCEM Industries SL Limited to build Sierra Leone’s first cement grinding plant in more than 40 years
- The package includes a $12 million loan from IFC’s own account and an additional $12 million from the IDA20 IFC-MIGA Private Sector Window Blended Finance Facility
- The new plant, to be located in Freetown, will have a production capacity of 657,000 tons per year
The International Finance Corporation (IFC) is investing $24 million in MACCEM Industries SL Limited to build Sierra Leone’s first cement grinding plant in more than 40 years.
The package includes a $12 million loan from IFC’s own account and an additional $12 million from the IDA20 IFC-MIGA Private Sector Window Blended Finance Facility. The new plant, to be located in Freetown, will have a production capacity of 657,000 tons per year and is expected to meet up to 65% of the country’s cement demand.
The project will create more than 4,000 direct and indirect jobs and aims to reduce Sierra Leone’s heavy reliance on imported cement. MACCEM CEO Ahmad Mackie said the partnership with IFC would strengthen local industry, promote business growth, and drive inclusive development.
The plant will also integrate solar power to cut energy costs and support Sierra Leone’s lower-carbon infrastructure goals.
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Key Takeaways
The IFC-backed MACCEM plant marks a turning point for Sierra Leone’s construction and manufacturing sectors. The country has long depended on costly cement imports, constraining infrastructure and housing development. By introducing local production at scale, the new facility could significantly lower construction costs, spur job creation, and strengthen industrial self-sufficiency. The inclusion of solar energy in the project design also reflects the World Bank Group’s growing emphasis on green industrialization and blended finance to de-risk investments in frontier markets. For IFC, which holds a $43.5 million portfolio in Sierra Leone across energy, telecoms, and agribusiness, the deal signals a push to unlock private sector-led growth. As infrastructure projects accelerate under national development plans, MACCEM’s new plant positions Sierra Leone to build a more resilient, locally driven economy — reducing import dependence while laying a foundation for sustainable growth.
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