China Exim bank gives a two-billion-yuan loan to Nanjing Auto

China Exim bank gives a two-billion-yuan loan to Nanjing Auto

Market sources have said that the state-run China Exim bank has extended Nanjing Auto a two-billion-yuan loan.

Nanjing Auto are the owners of the Britain’s iconic MG brand and they just recently launched production of two MG sports cars.

China Securities News reported in a news item that the company signed on an agreement with state-run China Exim bank for this loan.

This loan would help the company continue their expansion after the acquisition of the UK based automaker overstretched their finances.

Nanjing had showcased the revamped cars, the MGTF, a roadster convertible, and MG7, a four-door sedan in march this year.

The report further said that Nanjing would be using these funds to ramp up foreign investment and import key technology. It is also going to be used to expand their exports to international markets