ZTE lines up $15b credit from Chinese bank

23 Mar 2009
00:00

ZTE has secured a $15 billion line of credit to finance its Chinese 3G projects and the company's international operations.

The Shenzhen-based vendor said it signed a five-year financing deal with China's fifth largest commercial bank, the China Development Bank.

China Development Bank holds assets valued at 2.89 trillion yuan ($436 billion), and specializes in providing export credit.

Specific terms of the deal are being finalized, ZTE said.

ZTE's 2008 net profit grew 32% to 1.66 billion yuan ($243 million) on the back of a 27% increase in revenue to 44.2 billion yuan. The company won around 30% of the value of the 3G contracts issued by China's three main carriers over the year.

China's 3G and broadband rollout is expected to account for more than half of global telecom equipment spend over the next two years.

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