BEIJING, March 18, 2014 –The Export-Import Bank of China(“China Exim Bank”) and Zhejiang Geely HoldingGroup (“Geely Group” or the “Company”) today announced that they have signed astrategic agreement under which Geely Group will have access to a RMB20 billioncredit facility from China Exim Bank. Geely Group intends to use the netproceeds from the credit facility to support development of overseasmanufacturing facilities, export financing, the import and export of keyequipment, and overseas logistics bases, etc.
The agreement was signed byChina Exim Bank vice president Mr Sun Ping and Geely Group vice president andchief financial officer Mr Daniel Donghui Li. China Exim Bank chairman &PresidentMr Li Ruogu and Geely Group chairman Mr Li Shufu were also in attendance.
The agreement is the latestin a long-running partnership between China Exim Bank and Geely Group, duringwhich China Exim Bank has lent Geely Group a combined RMB2.22 billion since2007, providing vital support to the Company’s corporate and export growth.Following Geely Group’s acquisition of Volvo Cars in 2010, China Exim Bankactively assisted the Company in opening up overseas markets, increasing itsinternational competitiveness.
China Exim Bank officialsaid, “Geely is a leader among indigenous China automotive brands that hasenjoyed rapid and stable growth internationally. As a state financialinstitution, China Exim Bank sees it as our responsibility to help Chinesecompanies expand overseas market. This agreement is an important example of backingfrom financial institutions helping a Chinese company innovate and furtherinternationalise its brand.
Geely Group vice presidentand chief financial officer Daniel Donghui Li added, “We’re delighted to havesigned this agreement with China Exim Bank, which is real example of the Bank’scommitment to supporting private manufacturers like us to expand overseas. Thisagreement not only answers the Chinese government’s call to support Chineseenterprises as they ‘go out’, but also suit the needs of our company’sdevelopment footprint. We will use the funds from thisagreement strategically to maximise their output and advance our internationalexpansion.”
About China Exim Bank
The Export-Import Bank ofChina is a state bank solely owned by the Chinese government and under thedirect leadership of the State Council. The Bank is primarily responsible forimplementing China’s industrial, trade, financial and foreign policies. With theaim of increasing China’s exports of [industrial] equipment and high and newtechnology, China Exim Bank promotes companies that have a competitiveadvantage that positions them to engage in overseas contracting and investments.The Bank also helps Chinese companies import key resources, technology andequipment, and provides financing to support the development of China’soverseas relations and trade.
About Geely Holding Group
Geely Holding Group Co. Ltd. was founded in 1986 with its headquartersin Hangzhou, China. Geely Holding Group and its associated companies haveestablished operations that span the automotive value chain, from research,development and design to production, sales and servicing. It is afully-integrated independent auto manufacturer producing cars, engines andtransmissions. Today, it is one of China’s fastest growing automotivemanufacturers, as well as the industry’s leading privately held group.