America Movil secures US1B Chinese loan - Mobile World Live

America Movil secures US1B Chinese loan

23 OCT 2009

Latin American mobile giant America Movil has become the latest telecoms firm to receive funding from the China Development Bank (CDB), China’s fifth-largest commercial bank. The Mexico-based firm said in a statement this week that it had secured a ten-year loan worth US$1 billion to invest in network infrastructure across various Latin American markets. The deal is the first time that the bank has invested in a Mexican corporation, though it has been active in the telecoms space, most recently extending a US$15 billion credit line to Chinese vendor ZTE.

America Movil separately announced its first-quarter results this week, exceeding expectations with a 18.7 percent rise in quarterly profit to MXN16.4 billion (US$1.15 billion). According to a Reuters report, analysts had forecast net earnings of MXN15.199 billion. The company added 3.9 million new customers in the quarter – mostly in Mexico and Brazil – bringing its total to 186.6 million.


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