05 Jun 2013
Everbright International Secures a Loan from International Finance Corporation
Further Accelerates the Development of its Environmental Water BusinessJune 5, 2013, Hong Kong - China Everbright International Limited ("Everbright International" or the "Group") (HKSE: 00257) is pleased to announce that the Group has entered into a loan agreement with International Finance Corporation ("IFC"), the World Bank Group member focused on private sector development, to secure a long-term loan of USD70 million. The loan will be used to assist the Group's further expansion of its environmental water business and facilitate the growth of China's water industry, supporting the country's sustainable economic development.
The loan agreement reflects IFC's recognition of the Group's professional management team and operating strategy. As a member of the World Bank Group, IFC imposes stringent standards on the corporate's business performance, management level, financial transparency and social responsibility in its loan approval process. As a leader in the environmental protection industry in China, the Group has achieved rapid growth in its environmental energy, environmental water and alternative energy businesses over the past few years. The loan will mainly be used in the construction and operation of environmental water projects to strengthen the Group's capabilities as a one-stop integrated environmental solution provider, and realize sustainable economic and social benefits at the same time.
"In a world where almost 800 million people don't have access to clean water, IFC is helping China and other countries improve water security," said IFC Executive Vice President and CEO Jin-Yong Cai. "This investment will support the establishment of state-of-the-art water facilities, help make China's water industry more efficient, and promote global best practices."
Mr. Chen Xiaoping, CEO of the Group, expressed the Group's gratitude to IFC for their loan support. He said, "The signing of this loan agreement will provide the Group with a steady and long-term financing support to develop our environmental water business. It is also a strong affirmation of the operating model, business performance and social responsibility of the Group over the past few years. Looking ahead, we will further strengthen our cooperation with IFC to enhance the quality of the construction engineering and project operation of our environmental water business in China, and also to further expand our market presence and reinforce our profitability, enabling us to tap into the broader international market and share the fruitful results of the Group's development with our shareholders, staff and the community."