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China Exim Bank loans Chery 10b yuan

By Yu Hongyan (chinadaily.com.cn)
Updated: 2008-12-08 18:30

China Export and Import Bank (China Exim Bank), a policy lender in China, will loan Chery Automobile Co, the country's fourth largest automaker, 10 billion yuan ($1.45 billion) to finance its overseas expansion, according to a deal the two sides signed on Sunday.

Chery will use the money to increase exports as well as imports of technology and equipment, Xinhua News Agency reported.

The financial support will help the Anhui-based automaker build itself into an international brand, Yin Tongyue, Chery's chairman said.

China Exim Bank previously lent 5 billion yuan to Chery in 2004.

The largest homegrown carmaker saw its sales volume grow by 30 percent in the last three consecutive years, and has been China's top auto exporter for the fifth straight year.

Chery exported 115,000 vehicles in the first three quarters this year, accounting for almost half of China's total auto exports, according to the Ministry of Commerce.

The carmaker's export revenue hit $813 million in the first 10 months this year, the company said.