CECT-Chinacomm has received a RMB200m credit facility (US$29m) from Hana Bank of China.
The firm will use part of the facility to fund a contract it has with infrastructure firm ChinaTel to design and build a wireless broadband network for Chinacomm in…
CECT-Chinacomm has received a RMB200m credit facility (US$29m) from Hana Bank of China.
The firm will use part of the facility to fund a contract it has with infrastructure firm ChinaTel to design and build a wireless broadband network for Chinacomm in 29 of the largest cities in China.
Chinacomm has already begun drawing on the credit line to accelerate the deployment of its network, including special projects for government ministries in Beijing.
As deployment continues, Chinacomm expects to receive increased facilities for additional cities and projects.
ChinaTel’s CEO George Alvarez said: “We are very pleased Chinacomm was able to secure a substantial credit facility at below market terms. In addition to the funds ChinaTel is paying Chinacomm from its equity financing, these loan proceeds will be used to accelerate deployment of the wireless broadband network Chinacomm has contracted with ChinaTel to build.”
