Norton Rose Group has advised China EXIM Bank on a US$255m financing to Emirates Integrated Telecommunications Company (“du”). The UAE telecoms operator announced the financing agreement 6 October. It was facilitated by Huawei and backed by the Chinese export credit agency Sinosure.
The credit facility will be used by du to repay an existing US $85 million short-term facility to Huawei a leading telecom solution provider. The remainder will go to purchase telecoms equipment from Huawei for expansion of du’s 3G network.
Nigel Ward banking partner, Beijing commented;
“We are increasingly seeing links growing between China and the Middle East and this telecoms loan facility clearly demonstrates the benefits that come from an ECA financing agreement.”
Campbell Steedman, Norton Rose’s (Middle East) LLP Senior Partner commented:
“Our practice in the Middle East has been actively involved in the telecoms sector for some years, and the regional operators are increasingly innovative in the manner in which they both execute and finance transactions. With the growing involvement of China both in the region, and beyond into Africa, we see this financing as indicative of the way in which markets are likely to develop in the years ahead”
The Norton Rose LLP Beijing team was led by banking partner Nigel Ward assisted by associates Jonathan Keats and Cui Duan.
Al Tamimi and Company advised China EXIM on the UAE law aspects.
Simmons and Simmons advised du.
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