Johnson Electric gets $30 mln loan from IFC to expand in Serbia

Johnson Electric’s electric motors plant in the southern town of Nis currently employs 600 people and the company expects to increase the work force to 3,400 by 2020, the IFC informed in a written statement.

The loan is part of the $75 million financing IFC extended to support Johnson Electric’s expansion to China, Brazil, Mexico, and Serbia.

Serbia became a shareholder and member of IFC in 2001. Since then, IFC's investment in Serbia totaled $2.1 billion, including $794.7 million mobilized from our partners, in 51 projects across a variety of sectors. In addition, IFC has supported trade flows of $178.6 million through its trade finance program. Under the new World Bank Group’s Country Partnership Framework (CPF) for Serbia, IFC will provide financing of $400 to $600 million during the Fiscal Year 2016-20 period.

($=1.1387 euro)