Huawei signs US$28 million Algeria deal

Shenzhen-based Huawei Technologies, China's number one telecoms equipment provider, signed a US$28 million contract to supply and operate CDMA-WLL (wireless local loop) technology in Algeria. The project is being financed by the BNP Paribas Bank and insured by China Exports & Credit Insurance Corporation (Sinosure). To date Sinosure has underwritten Huawei projects worth US$100 million and has been a key part of the company's drive to expand overseas sales. Huawei is forecasting a turnover of over US$2 billion in 2004, an increase of more than 90% on 2003 Overseas sales are projected to account for more than a third of revenue this year.