IFC and MIGA, members of the World Bank Group, announced the provision of a USD 460 million loan to Guinea Alumina Corporation for bauxite project and associated rail and port infrastructure in Guinea.
IFC is providing a total loan facility of USD 330 million to the project including syndicated debt from seven commercial banks. MIGA has committed political risk guarantees of up to USD 129 million to the same commercial lenders. The total senior loan facility is USD 750 million.
The USD 1.4 billion project, which is being developed by Guinea Alumina Corporation, is one of the largest foreign investments in Guinea. It involves the development of a 12-million-tonne-per-annum bauxite mine, the expansion of multi-user rail infrastructure along the Sangarédi-Kamsar transport corridor, and the construction of a new export port terminal at Kamsar.
Our concession is close to an existing railway line operated by Compagnie des Bauxites de Guinée and used by other companies mining nearby to transport bauxite ore to the port at Kamsar some 75 kilometres to the southwest.
The project promotes greater linkage between Guinea’s mining sector and global markets, helping the country establish itself as a world-class producer and exporter of bauxite.
“We are happy to support the development of this project, which will help Guinea increase its exports and bolster local economic growth, including through the procurement of good and services from the domestic market and significant improvements to rail and port infrastructure,” said Sérgio Pimenta, IFC’s Vice President for the Middle-East and Africa.
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