IFC, CDP agree €134m loan to support Italian auto supplier's expansion in South Africa

Region:

Middle East & Africa, Europe

The International Finance Corporation and Italy's Cassa Depositi e Prestiti (CDP) have agreed a loan of €134 million to support the global expansion of CLN Coils Lamiere Nastri Spa (CLN), an Italian automotive parts manufacturer.

The financing package, which includes €84 million from IFC and €50 million from CDP, will primarily support CLN's plans to modernize and expand local production of advanced automotive components for leading car manufacturers in South Africa.

IFC's financing will consist of €48 million from IFC's own account and another €36 million loan through the IFC Managed Co-Lending Portfolio Program, a new syndications platform.

It represents IFC and CDP's first transaction under the Master Cooperation Agreement, which aims to streamline lending procedures for joint investments to ease financing to private companies in emerging markets.

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