ARM Cement

East Africa,Africa Manufacturing

ARM Cement Limited (ARM), is one of East Africa’s leading manufacturers of cement, lime and fertilizer. The firm has operations in Kenya, Tanzania and Rwanda.

Formerly known as Athi River Mining Limited, the company is headquartered in Nairobi and is listed on the Nairobi Securities Exchange (NSE).

This investment was made when British International Investment was named CDC Group.

Our investment

In April 2016, CDC announced a $140 million investment into the company designed to boost the local supply of cement in East Africa.

It allows ARM to potentially expand its operations into neighbouring countries and promote the development of regional infrastructure.

Expected impact

In the short-term, our investment will be used to repay the company’s debt and improve its financial strength. This will allow it to focus on plans to improve its current operations and build new capacity.

Cement prices are very high in many countries in Africa, which makes buildings and infrastructure development prohibitively high. By increasing the local cement capacity, our goal is to bring down the cost of cement to customers who are based a long distance away from the traditional coastal producers.

It also benefits the supply chain of small to medium-sized enterprises (SMEs) that transport the company’s raw materials and provide it with general services.

Environmental and social aspects

We are supporting ARM Cement to improve its health and safety management systems through on-the-job training and behavioural change programmes.

Key facts


Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

Africa, East Africa

We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.

Investment type

We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).

Direct Equity
Start date

For direct investments, this is the date British International Investment committed capital to the business or project.

For funds, this is the date that British International Investment committed capital to the fund.

For underlying fund investments, this is the date that the fund invested capital into the business.e

September 2016

For direct investments, this is the total amount that British International Investment has committed to the business or project (it may be a combination of equity and debt).

For funds, this is the total amount that British International Investment has committed to the fund.


This is the investee company’s place of incorporation; or a fund’s jurisdiction.


We are now British International Investment