Narrative
Full Description
Project narrative
In May 2008, Cemento Argos — a leading company in the cement industry in Colombia — signed a $150 million syndicated loan agreement with China Development Bank (CDB) and Andean Development Corporation to partially finance construction of a new cement production line in the company plant in the city of Cartagena. Each bank (CDB and Andean Development Corporation) contributed $75 million. In February, 2007, the economic cooperation agreement was signed. The loan's final maturity date was November 24, 2009. However, the borrower had repaid the loan in full and ahead of schedule -- by May 2009. With the construction of this new cement production line in Cartagena, Argos was expected increase its production by 1.8 million tons and take its annual production to 13.4 million tons, to meet demand from the market in the United States and the Caribbean. With state-of-the-art technology, the new line was designed to reduce the company’s operating costs, opening the way for its products to compete on export markets. The plant was completed and opened on December 15, 2009, at a total cost of $400 million.