CDP and the IFC: more funds for Italian companies in emerging economies

CDP and the IFC: more funds for Italian companies in emerging economies

€134 million euros to help the international development of CLN Coils Lamiere Nastri in South Africa. The deal marks the launch of the Master Cooperation Agreement signed by CDP and the IFC (World Bank Group)

Roma, 14 novembre 2018

CDP and the International Finance Corporation (IFC) – World Bank Group – kick off their partnership with a €134 million joint- funding initiative, in support of the CLN Coils Lamiere Nastri Group, one of the largest European companies operating in the automotive components sector.

The deal serves to mark the start of the collaboration within the framework of the Master Cooperation Agreement, an agreement, signed by the IFC and CDP in 2015 that is one of the components of the broader CDP strategy to support exports and internationalisation. It further enables Italian companies to implement major development projects in emerging economies, thus enhancing local well-being and boosting employment growth. Founded in 1948, CLN from the northwest Italian Piedmont region trades in steel products such as components and laminates, and boasts 34 production sites in nine countries, with more than 7,500 employees.
The new loan - €50 million of which was provided by CDP - will enable the company to finance an investment plan designed to modernise and develop the production of cutting-edge components for leading car manufacturers. With particular focus on South Africa, the plan also aims to boost growth and promote competitiveness of the local car industry, through greater localisation, the introduction of innovative production processes, and corresponding improvements in professional skills.

CLN enjoys an established relationship with CDP Group, which began in 2004 through its collaboration with SIMEST, before continuing in 2012 with SACE. This close relationship is now further consolidated by the parent company.