October 13 (SeeNews) - The International Finance Corporation (IFC), a member of the World Bank Group, said on Tuesday it is providing an 8 million euro ($9.1 million) loan to US-based Key Safety Systems (KSS) to build a plant for airbag cushions in Macedonia.
The new plant, which will be situated in Kicevo, in the western part of the country, will supply KSS’ European airbag production programme, based in Romania, IFC said in a press release.
It will create up to 1,000 jobs by 2017.
This transaction is part of IFC’s strategy in Macedonia to improve the value chains in the automotive sector and attract new investors to the field, IFC added.
"IFC supports the development of the automotive sector in Macedonia and the creation of new skilled jobs in the country," said Thomas Lubeck, IFC Regional Manager for the Western Balkans.
KSS designs and manufactures safety-critical automotive components and systems, including inflators, airbags, steering wheels, and seat belts.
($= 0.8797 euro)