Rio de Janeiro, Brazil, 14 April – Brazilian telecommunications company Oi (formerly Telemar) is to be granted a credit line of US$1 billion by the China Development Bank (CDB), a Chinese state development bank, Brazilian newspaper O Globo reported.

The funds will be used to buy equipment, some of which from Chinese manufacturer Huawei.

CDB’s funding of Oi will have a maturity of 10 years.

Oi has been using CDB’s resources since 2008.

Last year, also via Huawei, China’s biggest telephone company, Oi was granted a loan by Chinese banks worth US$300 million.

The new agreement will be signed in Brasilia on Friday, in the presence of Luiz Eduardo Falco, chairman of OI, Chen Yuan, chairman of the board of CDB and the chief executive of Huawei, Li Ke. (macauhub)