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Bank Gives Huge Loan to Sino-Holland Joint Venture
The Bank of Communications' Nanjing Branch will provide a loan of 1.1 billion yuan (about 132. 5 million US dollars) to a Sino-Holland electronics project according to an agreement signed on Tuesday.
Under the agreement, the loan will be extended to Nanjing Huapu Electronics Co., Ltd., a joint venture between the Netherlands' electronics giant Philips and three Chinese companies, for the production of color kinescopes.
The joint venture, in Nanjing of Jiangsu Province, east China, will use the loan to support its 127.8-million-U.S.-dollar project targeted at an annual production of 2.5 million sets of color kinescopes for computers, said a company official.
The joint venture is expected to become Philips' number one color kinescope production base across the globe upon the completion of the project. All the products will be exported to other parts of the world.
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