Skopje, FYR Macedonia, October 13, 2015
– IFC, a member of the World Bank Group, is providing an €8 million
loan to US-based Key Safety Systems (KSS) to build a plant for airbag cushions
in FYR Macedonia, creating up to 1000 jobs by 2017.
KSS designs and manufactures safety-critical
automotive components and systems, including inflators, airbags, steering
wheels, and seat belts. The new factory, in the western town of Kicevo,
will supply KSS’ European airbag production program, based in Romania.
“The new KSS investment in Macedonia
is well aligned with our commitment to serve our global customers by providing
them with best-in-class quality, cost, and technology,” said Ralph Caspari,
President of KSS’ Passive Safety European Division. “We are pleased to
partner with IFC on this vertical integration project.”
This transaction is a part of IFC’s
strategy in FYR Macedonia to improve the value chains in the automotive
sector and attract new investors to the field.
“IFC supports the development of the
automotive sector in FYR Macedonia and the creation of new skilled jobs
in the country,” said Thomas Lubeck, IFC Regional Manager for the Western
Balkans. “Attracting foreign investors that invest in export-oriented
projects, such as KSS, will greatly benefit the local economy.”
FYR Macedonia became a shareholder and
member of IFC in 1993. Since then, IFC's investment in FYR Macedonia has
totaled $401.8 million, including $181.7 million mobilized from partners,
in 21 projects across a variety of sectors. In addition, IFC has supported
trade flows of $48.5 million through its trade finance program. IFC is
also working to improve the investment climate, develop private sector
firms, and increase private sector participation in infrastructure development.
Under the new World Bank Group’s 2015-18 Country Partnership Framework,
IFC will provide up to $100 million in financing.
IFC, a member of the World Bank Group,
is the largest global development institution focused on the private sector
in emerging markets. Working with more than 2,000 businesses worldwide,
we use our capital, expertise, and influence, to create opportunity where
it’s needed most. In FY15, our long-term investments in developing countries
rose to nearly $18 billion, helping the private sector play an essential
role in the global effort to end extreme poverty and boost shared prosperity.
For more information, visit www.ifc.org.
To learn more about KSS, please