About Us - Press Release - CEMEX obtains 'green' financing from IFC
July 12, 2016
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that the International Finance Corporation (“IFC”) will grant CEMEX a loan of approximately €106 million to support CEMEX’s sustainable investment programs in emerging markets.
After a thorough assessment of CEMEX’s environmental, governance and social practices, the IFC will grant CEMEX funding for projects designed to enhance environmental performance that were completed in 2014 & 2015 as well as ongoing during 2016 which are part of the capital expenditure plan previously communicated by CEMEX. Approximately 60% of the funds will be allocated for projects related to the reduction of CEMEX’s greenhouse gas emissions, while the remainder of the funds will be allocated to cover improvements to CEMEX’s overall air emission controls.
“IFC’s support underscores and validates CEMEX’s sustainability efforts and vision,” said Fernando A. Gonzalez, CEO of CEMEX. “We are very proud and encouraged by this relationship, and we continue to seek opportunities for further collaboration.”
“IFC’s financing to CEMEX sustainable programs is part of our commitment to invest in critical climate-smart solutions across emerging markets,” said Liz Bronder, IFC Director for Latin America and the Caribbean. “We are encouraged by CEMEX’s innovative initiatives and look forward to the company’s leadership expanding the climate change agenda among global key players”.
The IFC is joining CEMEX’s facilities agreement dated September 29, 2014, as amended and restated (the “Credit Agreement”) maturing in 2020. This transaction increases the currently outstanding commitments under the Credit Agreement by approximately €106 million and diversifies CEMEX’s sources of funding.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, the IFC uses its capital, expertise, and influence to create opportunity where it is needed most. In fiscal year 2015, its long-term investments in developing countries rose to nearly U.S.$18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity.
CEMEX is a global building materials company that provides high quality products and reliable service to customers and communities in more than 50 countries. Celebrating its 110th anniversary, CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future.
For more information on IFC, please visit: www.ifc.org
For more information on CEMEX, please visit: www.cemex.com
This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of CEMEX to be materially different from those expressed or implied in this release, including, among others, the non-formalization of the amendments to the Credit Agreement required to formalize the transaction described in this press release. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to update or correct the information contained in this press release. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.
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