Bilbao, July 5, 2018 –– CIE Automotive has informed today that a finance agreement has been signed with International Finance Corporation (World Bank Group) and EDC (Export Development of Canada) for an amount of 150 million US dollars.
This financing, which forms part of the structural CIE Automotive financing, consists of a loan with a maturity of 10 years and with other competitive conditions. The purpose of the loan is to finance the sustainable growth of the CIE Automotive Group in Mexico during the forthcoming years.
According to Jesús Maria Herrera, CEO: “Such growth in Mexico 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 addition to the above, this financing becomes the starting point of a long term cooperation with multilateral financing entities in emerging markets, such as International Finance Corporation (World Bank Group) and EDC (Export Development of Canada)