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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.
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.
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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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