Chinese Partners

Set 24, 2008 (LBO) – HSBC Sri Lanka said it had arranged a 45 million US dollar loan backed by Sinosure, China’s export credit agency, to fund an expansion of Sri Lanka Telecom’s cellular unit Mobitel. Leisha De Silva Chandrasena, chairperson of Sri Lanka Telecom, says the expansion project will provide high speed internet, mobile TV and video calling services to Mobitel customers. “This is the first time that a transaction has been supported by Sinosure for a Sri Lankan Corporate,” HSBC said in a statement.

Huawei and Mobitel jointly selected the bank as the arranger for the facility which will help partly pay for a network expansion built by China’s Huawei Technologies Co. Ltd.

“We feel this partnership will enable Mobitel, the second largest mobile service provider, to offer advanced technological solutions to its growing customer base in Sri Lanka,” Nick A Nicolaou, chief executive for HSBC in Sri Lanka said.