China Development Bank Enhances Support to Huawei
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BEIJING, Sep 23, 2009 China Development Bank (CDB) signed a cooperation agreement worth USD 30 billion with the Chinese telecoms equipment provider Huawei Technologies on September 22, 2009, citing a report.
In fact, CDB has long been financing strong Chinese companies’ internationalization in line with the local government’s policies. By the end of this August, it had lent outstanding loans of USD 80.1 billion in foreign currencies with a low non-performing loan ratio and high yields.
The bank agreed in 1998 to fund Huawei’s establishment of domestic development and production bases, started cooperation with the company on overseas markets in 2004, and offered a credit line of USD 10 billion to the latter in 2005.
By far, Huawei has become a world-class telecoms equipment provider, with its products utilized by telecoms operators in more than 100 countries. In spite of the global financial storm, Huawei sees growth in its business, partly thanks to CDB’s various services.
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