HONG KONG (Reuters) - ZTE Corp, the world’s No.5 telecom equipment maker, said on Tuesday it had signed a $20 billion financing agreement with Chinese policy bank China Development Bank (CDB).
“The principal terms of the agreement include the provision by CDB of a $20 billion facility for cooperation, comprising financing facilities for the company’s overseas projects and credit facilities for the company,” it said in filings to the Hong Kong and Shenzhen stock exchanges.
“The agreement forms the framework of business cooperation for an effective period of five years,” ZTE said.
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Reporting by Lee Chyen Yee; Editing by Anne Marie Roantree