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Publish Date : 06-Jul-2018

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 Jess 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 Nam, 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.

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