Grand City Investment Limited, Hong Kong, provided $50m trade finance facility to CNTIC

WAN CHAI, Hong Kong - April 26, 2024 - PRLog -- Grand City Investment Limited, a global finance firm based in Hong Kong, has provided a $50 million trade finance facility to CNTIC. This facility will be utilized for an electricity generation project in rural Myanmar.

Grand City Investment Limited (Hong Kong) has extended a $50 million account receivable purchase facility to China National Technical Import & Export Corporation (CNTIC (http://www.cntic.com.cn/)) for the development of a gas-fired power generation project in Myanmar. This significant financial support was announced by the company.

The funding, secured by China Export & Credit Insurance Corporation, is aimed at facilitating the construction of a 90MW power plant in Myingyan township, located in the Mandalay region. The project is being spearheaded by VPower, a Hong Kong-based company, under a 5-year power purchase agreement with Electric Power Generation Enterprise (EPGE) of Myanmar.

In addition to its core operations, VPower has taken proactive steps to enhance the local community's well-being through job creation and infrastructure improvements. CNTIC has been entrusted with the role of engineering, procurement, and construction (EPC) contractor for this venture, which commenced commercial operations in February 2019 and is expected to produce a minimum of 630GW hours of electricity annually.

CNTIC and VPower have established a strong collaborative relationship over the years, successfully delivering power projects in a timely manner. Grand City Investment Limited, a reputable Hong Kong-based Money Lender, has been a key financial partner to CNTIC, providing essential capital for various global projects.

Grand City Investment Limited (https://grandcityinvestment.com/services/), known for its expertise in trade finance, recourse loans, non-recourse loans, and international project funding, continues to play a pivotal role in supporting impactful ventures worldwide.

About Grand City Investment Limited: Founded on May 29, 1984, in Hong Kong, Grand City Investment Limited is a prominent provider of financial services, with Company Registration No. 0137353. Business loans, project funding & trade finance are just a few of the services they offer.

About CNTIC: China National Technical Import and Export Corporation (CNTIC; 中国技术进出口集团有限公司) is a Chinese state-owned global trading company and engineering firm.  With its business covering 105 countries and regions worldwide, CNTIC has completed more than 7,500 projects with a total value of over $120 billion. The company is active in the fields of electricity generation, transportation, communications, petrochemicals, metallurgy, building materials, electronics, mechanical engineering, pharmaceuticals, agriculture, forestry and education.