Geely borrows 20 bln yuan for overseas expansion

Chinese carmaker Zhejiang Geely Holding Group has agreed loans of 20 billion yuan (3.26 billion U.S. dollars) from the Export-Import Bank of China.

Geely said the loans from the state institution will be used mainly to construct plants overseas and to ease cash flow in exports. The money will also go on exports and imports of key components and international logistics bases.

The Hangzhou-based company has a complete domestic sales network comprised of nearly 1,000 4S dealers and service stations. It also has nearly 200 sales and service outlets in overseas markets. By 2013, Geely has a total user base of 3 million in China.