ZTE secures $20 billion loan from Chinese government
12/04, 3:14pm
ZTE, China Development Bank agree to $20B loan
ZTE, the world's fifth-largest telecom equipment maker, announced today that it had entered into a $20 billion financing agreement with China Development Bank. The funds are meant to cover "financing facilities for the company's overseas projects and credit facilities for the company," according to a statement ZTE released today. The agreement will shore up the finances of the Chinese tech firm, which has seen significant losses this year, but it will likely raise concerns among ZTE's international competitors and regulators in the west, who are suspicious of the firm's ties to the Chinese government.