  It has been recently pointed out that the initial value problem in new
inflation models is naturally solved by supergravity effects if there exists a
pre-inflation before the new inflation. We study this double inflation model in
details and find that density fluctuations on small cosmological scales are
much larger than those on large scales due to peculiar property of the new
inflation. We show that this results in production of primordial black holes
which have $\sim 1 M_{\odot}$ masses in a certain parameter region of the
double inflation model. We stress that these black holes may be identified with
MACHOs observed in the halo of our galaxy.
