Titan Egypt

completed

This ESRS and associated Environmental and Social Action Plan was disclosed in November 10, 2009 under Titan Egypt, Project #27022, which was approved by IFC Board in December 2009.  In October 2010, prior to IFC disbursement, an internal product change was done via the system, and as a result of this internal system split, a new project identification and number (Alexandria Development Limited, ADL, Project #30274) were generated. Based on operational procedures, there was no need for a new disclosure at that time, given that the  change of to the project identification and number were only due to  an internal product change, and the original entities involved, the requirements and the project scope remained unchanged.Titan Group, (Titan, the Group or the Sponsor), an IFC client and Greece’s leading private cement company with existing operations in seven emerging market countries, is seeking to expand is cooperation with IFC in its Egyptian operations (Titan Egypt) , which consist of two entities: Beni Suef Cement Company (BSCC) which produces ordinary Portland cement and Alexandria Portland Cement Company (APCC). BSCC and APCC have a combined production capacity of 3.5 million tons per annum (mtpa) and are finalizing a de-bottlenecking exercise as well as adding a second integrated cement production line of 1.5 mtpa in BSCC (the Project). The cost estimated for BSCC’s second line is €160 million. Titan entered Egypt through a 50:50 joint ventures with Lafarge, acquiring BSCC and APCC in 1999 and 2002, respectively. In May 2008, Titan bought out Lafarge’s stake in both BSCC and APCC. IFC is considering a potential investment in Titan Egypt.