The International Finance Corp. will lend 20 million euros ($26 million) to a metal-stamping factory in Serbia which will supply parts to the local Fiat SpA (F) plant.
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The IFC, the World Bank’s private lending arm, approved the loan to PMC Automotive Serbia, a joint venture between Italian automotive suppliers CLN Group and PROMA Group, the lender said in an e-mail today.
The loan is part of an IFC effort to support “the revival of the car industry in Serbia and the creation of new skilled jobs,” it said.
PMC Automotive, with 370 workers, will supply parts to Fiat’s plant, which starts production of its new subcompact with improved fuel efficiency this month. The plant’s current 20,000-car capacity will expand to 140,000 in 2013.
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