China's major chip developer Semiconductor Manufacturing International Corporation (SMIC) in Shanghai has obtained a credit line of 85 million euros for long-term export from two European banks, a source with the SMIC said.

SMIC will use the loan to purchase photoetching technology-related equipment to expand its output, according to the contract signed between the SMIC and the ABN AMRO Bank N.V. of the Netherlands and the Comerz Bank (Nederland) N.V. of Germany.

Established in 2000, SMIC has launched four plants manufacturing eight-inch chips. SMIC launch a plant to produce 12-inch chips in Beijing in January this year.

The ABN AMRO Bank of the Netherlands boasts 899.3 billion euros of capital and has more than 3,000 subsidiaries in over 60 countries worldwide. The bank has 100,000 employees around the globe.

Commerz Bank of Germany was set up in 1870. It boasts 458 billion euros of capital.

Source: Xinhua