BREAKING NEWS

IFC and EDC Provide US$150 Million Loan to CIE Automotive

The International Finance Corporation (IFC), a member of the World Bank Group, and Export Development of Canada (EDC), export credit agency of the Canadian government, will provide jointly US $150 million to CIE Automotive, global supplier of components for the market automotive, to support its growth in Mexico in the coming years. 

The loan will be used for the acquisition of machinery to increase the production capacity of parts for more efficient engines and lighter and more electric vehicles. This modernization will contribute to reducing the energy consumption of manufacturing operations by at least 20 percent, which will generate less emissions of Greenhouse Gases. 

According to Jesús Maria Herrera, CEO of CIE Automotive: “Such growth will imply a forecast of 1,000 new employments in the country. It will also enhance significant improvements in key indicators in the automotive sector, such as energy efficiency and the development of a competitive local supplier base”. 

In the words of Ary Naïm, Country Manager of IFC Mexico, "with this loan, the International Finance Corporation supports the modernization of a key sector for Mexico, while promoting the formation of more competitive value chains". 

Investments in the automotive and other transportation equipment sectors create opportunities and help reduce poverty by improving the flow of goods and the mobility of people. Since the 1960s, IFC has invested more than US $ 2 billion in these sectors in more than 30 countries. 

About IFC 
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org. 

About CIE Automotive 
CIE Automotive is an international industrial group that manages high value added processes in the Automotive sector. Its strategy is based on diversification (geographical, commercial and technological), financial discipline focused on cash generation and decentralized management through lean structures. CIE designs and manufactures automotive components globally with approximately 100 plants worldwide: North America (Mexico and USA), South America (Brazil), Europe (Spain, France, Portugal, Czech Republic, Germany, Italy, Romania, Slovakia, Lithuania, Russia), Asia (India and China) and Africa (Morocco). Positioned as TIER 2, CIE supplies its products both to vehicle manufacturers (OEMs) and to TIER 1 suppliers. Among its main customers are VW, GM, Renault, Ford, Fiat, PSA, TRW, Continental, Faurecia, Visteon, Kayaba, NSK, Nexteer, Delphi, Jtek, Autoliv, Bosch, GKN. CIE domains different technologies such as forging, die-cast aluminum, casting, machining, plastic injection and stamping, which allows the company to offer a wide range of products. 

0 Comments Write your comment

    1. Loading...