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China's ZTE obtains $15b credit line from CDB

(Agencies)
Updated: 2009-03-20 20:01

China's ZTE, the world's sixth-largest cellphone maker, said on Friday it had obtained a $15 billion line of credit from a Chinese policy lender.

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Under the five-year cooperation framework agreement, the credit line offered by China Development Bank (CDB) will include ZTE's overseas project financing and its credit limits, the company said in an e-mailed statement.

The two sides are in discussion to develop specific terms and procedures on project financing and how to execute business cooperation, the statement said.

"China Development Bank pledges to help ZTE in further strengthening and upgrading its position in the global telecoms industry, hence facilitating ZTE's entry among the ranks of the world's tier-one telecoms operators," the company said.

ZTE, the second-largest telecoms gear maker in China, said earlier on Friday it posted a yearly net income of 1.66 billion yuan ($243 million) for the year ending Dec 31, 2008, up 33 percent from a year earlier.