[Sponsored Report] EximBank offers $750M to India’s Reliance Jio

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[Sponsored Report] EximBank offers $750M to India’s Reliance Jio

The state-run Export-Import Bank of Korea (Korea Eximbank) reported on Oct. 10 that it will give a total of $750 million to Indian mobile carrier Reliance Jio Infocomm as a loan and credit guarantee.

Reliance Jio Infocomm has recently been working with Samsung Electronics to expand its 4G LTE network.

Samsung Electronics is expected to provide all the necessary equipment, including base stations and system infrastructure, for the expansion.

Reliance Jio Infocomm is a fast growing corporation leading the way in the Indian telecommunications market and, along with Samsung Electronics, is planning to provide a stable service to a growing number of customers.

Back in 2012, Reliance Jio Infocomm picked Samsung Electronics as their sole provider for network equipment, going on to create India’s first 4G LTE network.

Korea Eximbank believes that the financial support will be of great help to Samsung Electronics as the network equipment producer, while paving the way for the partnering companies to expand to new markets.

In 2014, Korea Eximbank supplied $750 million of financial aid to support the 4G LTE network project.

“This financial aid is expected to strengthen the global competitiveness of Korean corporations and to increase the possibility of winning orders for 5G and follow-up businesses. Korea Eximbank will do our best to support Korean corporations to expand to foreign countries,” said an official from Korea Eximbank.

By Kim Seung-Jun [kim.Seungjun@joongang.co.kr]

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