NANJING, Jiangsu – The Nanjing Automobile Group Corp. (NAC) has received a huge bank loan from the China Import and Export Bank to help its MG project and other expansion efforts.
The strategic cooperation agreement signed between the two parties will primarily provide financial support on overseas investment, key technology and equipment import and high and new technology product export related with the MG and other projects. NAC said in a news release only that the deal will provide loans in the billions of RMB.
Last December, the Bank had provided ¥500 million ($64.94 million) in loans to NAC.
NAC, which celebrated the production of its first MG cars on March 27 at its ¥3.5 billion NAC-MG production base in Pukou, northwest Nanjing, will restart production of the MG TF roadster at the Longbridge, UK plant on May 27. Longbridge also serves as NAC-MG’s overseas R&D Center.