Huawei Gets Export Credit for Brazil Project

Telemar Norte Leste receives credit facility to finance 85% of its purchase of telecom equipment from Huawei

November 17, 2004

1 Min Read

SHENZHEN, China -- Telemar Norte Leste SA ( Telemar the “Borrower”) , Societe Generale ( SG the “Lender”), the China Export & Credit Insurance Corporation, (Sinosure the “guarantor”) and Huawei Technologies. Co., Ltd. (Huawei the “supplier”) have signed a framework credit agreement through which the Lender has extended to the Borrower a buyer’s credit facility. This transaction, guaranteed by Sinosure, the Chinese Government Insurance Company for Export Credit financing operations, to finance the telecommunication equipment manufactured by Huawei Technologies and sells to the Telemar Norte Leste SA, the biggest Brazilian Telecom Operator.

This credit facility will be used to finance up to 85% of the commercial contract signed between Huawei and Telemar for the supply, installation and operation of any kind of system and equipment provided by Huawei.

The SINOSURE Insurance Policy covers the sovereign and commercial risk in a transaction of buyer’s credit facility, and it is totally funded by an international foreign bank, the SG, and this kind of financial transaction highlights SINOSURE to develop relations with the international banking community to support Export from China.

The successful conclusion of this transaction was due to the close relationship among SINOSURE, HUAWEI, TELEMAR and SG bank, and shows the huge business development potential between Telemar and Huawei.

Huawei Technologies Co. Ltd.

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