Du gets $225m credit facility from China

07 October 2010

Export-Import Bank of China to fund 3g network expansion

UAE telecoms operator Du has secured an additional $255m credit facility from The Export-Import Bank of China to fund expansion of its 3G network, Reuters has reported. Part of the credit facility will be used to repay an existing $85m short-term facility and the remainder will go to purchase equipment for expansion of the 3G network, the company said. The agreement will help the firm turn its three-year short term borrowing into a seven-year facility, the news service reported.

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