Friday, March 19, 2010
ZTE grabs another $10b to back vendor finance deals
ZTE grabs another $10b to back vendor finance deals
Dylan Bushell-Embling |
May 25, 2009
Thumbnail:
ZTE has arranged a $10 billion credit line from a Chinese bank to help customers purchase its equipment.
The new credit facility, from the Export-Import Bank of China (Exim Bank), comes two months after the vendor secured a $15 billion credit line from the China Development Bank.
Under the three-year agreement, China Exim Bank will give priority to funding ZTE's overseas projects, the Shenzhen-based firm said.
The huge loan deal is one more sign that while global equipment suppliers are battling with the recession, ZTE and local rival Huawei are primed for growth, backed by Chinese banks.
ZTE posted a $249 million profit last year after hiking sales 27%. Huawei has forecast that it will sign contracts worth $30 billion in 2009, up from $23 billion last year.
Facebook
Twitter
LinkedIn
Digg
0 comments
Email
PrintSimilar
Tell Us What You Think
Add comment
Frontpage Title Only
Video from Telecom Channel
Controlled investment
By investing only where required, France Telecom deploys HSDPA in multiple countries in cost-effective way.
Voices_tabs
The inconvenient truth is that the longer we wait, the more costly it will be
Everyone seems concerned about the fragmentation of device platforms, but there are no signs of consolidation anywhere
Frontpage Title Only
Frontpage Title Only
businessweek_industryview
MWC2010 List
Frontpage Content by Category
Industry experts put their heads together and stick their necks out to call the big trends for 2010
