New credit line for Enel from China. The Electric Group and Bank of China Ltd., a leader in China's banking sector and the most diversified and international bank in China (not to be confused with People's Bank of China) and China Export & Credit Insurance Corporation (“SINOSURE”) signed today, Wednesday, a non-binding framework agreement to promote the development by the companies of the Enel Group, in particular Enel Green Power, of projects on a global scale with the participation of Chinese companies as contractors and/or suppliers of engineering, procurement and construction. This was announced in a press release by Enel.
The agreement was signed in Beijing, at the Bank of China headquarters, by the Head Finance and Insurance of the Enel Group, Alessandro Canta, by the Deputy General Manager of Corporate Banking of Bank of China, Li Mang, and by the Deputy General Manager of Business Development of SINOSURE, Wang Xu.
Under the agreement, Bank of China will provide Enel and its subsidiaries with a credit line of up to 1 billion US dollars guaranteed by SINOSURE. The framework agreement, which establishes the main terms and conditions of the financing instruments that can be disbursed, will be valid for five years, with the possibility of extension by mutual agreement of the parties.
