IFC Grants Loan Worth USD 30 Million to Johnson Electric to Expand Business in Serbia

The International Finance Corporation (IFC), member of the World Bank, has approved the Hong Kong-based Johnson Electric company a loan worth USD 30 million to expand business and boost employment and output growth in Serbia, it was announced Monday.

The manufacturer of electronic motors and electric components currently employs 600 people in Nis, its plan being to have 3,400 employees by the year 2020.

"The loan is a gesture of IFC support to implement our global expansion plans. The investment will have a positive bearing on the region, because Johnson Electric suppliers will employ new people in Serbia, Jeff Obermayer, the company's finance manager," said.

The loan is part of financial support totalling USD 75 million, which the IFC granted to Johnson Electric to expand business in China, Brazil, Mexico and Serbia, said a statement released by the IFC.

"The IFC supports Serbia in developing production and creating new jobs. Attracting foreign investors who invest in export-oriented projects, as Johnson Electric does, is extremely important to the local economy, Thomas Lubeck, IFC director for the Western Balkans, said.

The IFC has invested USD 2.1 billion in 51 projects in different sectors in Serbia since 2001.