03 Sep 2009
Everbright International Secures US$200 Million Long-term Loan from Asian Development Bank
Solid Financial Support for Future GrowthChina Everbright International Limited ("Everbright International" or "the Group"), represented by Mr. Philip Fan, Executive Director and General Manager of the Company, has signed a loan agreement with Asia Development Bank ("ADB") in Beijing today. By the agreement, ADB will provide a US$200 million 10-year loan to finance the Group's waste-to-energy projects in the P.R.C.
Of the entire loan, US$100 million is a direct loan from ADB and the remaining US$100 million will be funded by commercial banks. The tenure of the loan is up to 10 years. Apart from financial support, ADB will also provide technical assistance in relation to environment and social management systems. It is ADB's first private-sector municipal solid waste management project. The granting of the loan is proof that ADB approves of the professional management of Everbright International and has full confidence in the future development of the Company.
Mr. Chen Xiaoping, the Chief Executive Officer of Everbright International, said, "Everbright International is pleased to be working with ADB and receiving its financial and technical support. The loan speaks to the widespread recognition and reputation enjoyed by our work in the waste-to-energy field in recent years. In the second half of this year, Jinan Waste-to-energy Project, Zhenjiang Waste-to-energy Project and Jiangyin Waste-to-energy Project Phase II will successively begin construction. Upon completion of the construction of these three waste-to-energy projects, the design processing capacity will be increased by 80% from the present level. With solid financial support, the Company will seek more opportunities based on existing projects so as to achieve greater prosperity."