The International Finance Corporation (IFC) has on Tuesday September 23, 2025 signed a landmark US$24 million loan agreement with MACCEM Industries Limited to finance the construction of a modern cement grinding plant in Sierra Leone. The agreement, formalized at the World Bank Country Office in Freetown, marks a major step toward strengthening local manufacturing and reducing the nation’s dependence on imported cement.
The new grinding facility, to be situated in Freetown, is designed with an annual capacity of 657,000 tons; sufficient to meet up to 65 percent of Sierra Leone’s domestic cement demand. Once operational, it is projected to generate over 4,000 direct and indirect jobs while also helping stabilize cement prices in the country’s growing construction sector.
Speaking during the signing ceremony, IFC’s Joint Country Representative, Abdu Muwonge, described the partnership as a strategic investment that aligns with Sierra Leone’s economic transformation agenda.
“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,” Abdu Muwonge said.
He further explained that the financing package comprises a US$12 million loan from IFC’s own account and an additional US$12 million from the IDA20 IFC-MIGA Private Sector Window Blended Finance Facility. According to him, the project will also integrate solar energy solutions, reducing production costs while advancing Sierra Leone’s low-carbon development ambitions.
Abdu Muwonge highlighted that IFC’s total investment portfolio in Sierra Leone currently stands at US$35.5 million, spanning agribusiness, energy, telecommunications and financial inclusion sectors.
MACCEM Industries Limited, a Sierra Leonean-owned company established in 2019, is spearheading the development of what will be the country’s first cement grinding plant in four decades.
“We are building Sierra Leone’s first cement grinding plant in forty years; a project that will not only reduce import dependency but also generate thousands of jobs, empower small businesses and contribute to national development,” said Ahmed Mackie, Chief Executive Officer of MACCEM.
He emphasized the company’s commitment to clean energy integration, community empowerment and the transfer of technical skills to Sierra Leoneans across the value chain.
Representing the Government of Sierra Leone, Deputy Minister of Finance II, Jenneh Jabati, described the signing as a milestone for the country’s construction and industrial sectors.
“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.
The establishment of the plant at Hastings is expected to reshape Sierra Leone’s construction and manufacturing landscape. By cutting import reliance, enhancing local supply and supporting sustainable growth practices, the project positions Sierra Leone as a hub for industrial self-reliance in West Africa.
With IFC’s financial backing and MACCEM’s vision, the initiative not only underscores confidence in Sierra Leone’s private sector but also signals a transformative chapter in the country’s journey toward industrialization and economic resilience.
