main navigation menu
World Bank building

MIGA’s goal is to promote foreign direct investment into developing countries to support economic growth and more.

Young woman bending down to tending to her outside chores

Explore different types of political risk insurance guarantees provided to investors and lenders.

Hyundai building

Explore global projects that support economic growth, reduce poverty and improves people’s lives.

Hands husking peas into a basket full of peas

Learn about the progress MIGA is making in its mission to support economic growth, reduce poverty and improve people’s lives.

Stay Connected
x
Macedonia, former Yugoslav Republic of

A.D. Cementarnica USJE

$19.2 million
Manufacturing
Project Brief
Not Active

Project Facts

Project Facts

Project Facts

North Macedonia
Project ID
65
Guarantee Holder
Balkcem Limited
Investor Country
Cyprus
Project Type
Non-SIP
Fiscal Year
2000

In its first project in FYR Macedonia, MIGA issued a guarantee totaling $19.2 million in coverage to Balkcem Limited (Balkcem) of Cyprus—a joint venture of the cement companies Titan Cement (Greece) and Holderbank, (Switzerland)—for its equity investment in the acquisition of A.D. Cementarnica USJE (Cementarnica), a cement company located in Skopje, the capital of FYR Macedonia. The MIGA guarantee will cover the investment against the risks of war and civil disturbance.

The investor will support the modernization and expansion of the only cement plant in Macedonia. The objective of this investment is to modernize Cementarnica by upgrading its facilities and machinery and thereby improve efficiency, reduce costs, and protect the environment. Upon the successful diversification of Cementarnica, with its first ready-mixed concrete unit in Skopje, Balkcem's long-term objective is to explore the possibility of setting up additional ready-mixed concrete plants in other parts of Macedonia.

The project is expected to generate taxes and export revenues to the country. Furthermore, Cementarnica will procure 100 percent of the project's inputs locally, purchasing goods and services such as electricity, bags, and pallets.