Chinese telecom equipment maker ZTE announced that the company signed a new financial strategic cooperation agreement with China Development Bank for overseas project financing and a line of credit.

Under the agreement, China Development Bank will expand its financing facility for ZTE to USD20 billion and the valid period is five years. The two parties have established a long-term partnership. In 2005, China Development Bank and ZTE began their strategic cooperation based on international standard practices, agreeing on a facility of USD8 billion. In 2009, the facility was increased to USD15 billion.

The prevailing conditions in the global finance offer new opportunities for China Development Bank and ZTE to deepen their cooperation. China Development Bank will utilize its strengths in integrated financial services to help ZTE achieve its strategic goals, and drive ZTE's overseas investment and business development in priority sectors.

Hou Weigui, chairman of ZTE, said that ZTE will leverage China Development Bank's financial support and grasp the opportunities in the markets for 4G, fixed broadband, enterprise networks and terminals, consolidate their advantages and migrate to the higher value solutions, as they aim to achieve a global top three position before 2015.

Hou also said that they sincerely thank China Development Bank for their commitment to ZTE's development of overseas operations. ZTE is in a leading position in the worldwide telecommunications industry, and has a comprehensive strategy to address markets globally.