CLN S-Africa II (IFC-38988)

Countries
  • South Africa
Where the impacts of the investment may be experienced.
Specific Location
Rosslyn, East London, and Port Elizabeth.
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 12, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
COILS LAMIERE NASTRI SPA
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 58.33 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 50
Converted using 2018-08-30 exchange rate.
Project Cost (USD)
$ 116.66 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported 100
Converted using 2018-08-30 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 14, 2019

Disclosed by Bank Aug 30, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The IFC is considering to provide an up to EUR€50 million loan to support Coils Lamiere Nastri (CLN) Group’s expansion plans in South Africa. 

Investment Description
  • International Finance Corporation (IFC)
Private Actors

CLN is a leading automotive stamping part manufacturer based in Italy. It has 7 existing plants in South Africa and is looking to expand its production to serve new vehicles produced by automotive manufactures. It produces and assembles steel and aluminum automotive structural parts and skin panels.

CLN Group: Founded in 1949, CLN is an Italian company that operates in three business segments: Steel Metal Stamping (“MA”), Steel Wheel Manufacturing (“MW”) and Steel Service Centers (“SSC”). CLN is the preferred steel stamping and wheel supplier of many OEMs. CLN is owned 65% by Magnetto-Perris Family, 25% by Arcelor Mittal, and 10% by Marubeni-Itoshu.

Contact Information

C.L.N. S.p.A 
Mr. Nicolas Valloroz 
CFO 
+39 011 9782111 
n.vallorz@gruppocln.com 
Corso Susa 13/15, 10040 Casalette (TO), Italy 
www.gruppocln.com 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/