BEIJING, Oct. 17 (Xinhua) -- China's Jiangsu Etern Co., Ltd. has signed a deal worth 1.1 billion U.S. dollars (about 7.66 billion yuan) with the Power Grid Company of Bangladesh Ltd. to strengthen the power grid network in Bangladesh.
Under the deal, Jiangsu Etern will expand, rebuild and upgrade Bangladesh's nationwide electricity network, which includes 100 transformer substations, 1,000-kilometre-long electricity lines and 7 regional testing and maintenance centers.
The company said Bangladesh has applied for concessionary loans from China for the project, and the above-mentioned contract will take effect after the loans are approved.
Guotai & Junan Securities noted that Jiangsu Etern's net profit was expected to increase 600 million yuan in total.
Industrial Securities Co. said that the signing of the project plays an exemplary role for other projects, which is conductive to expand the company's overseas market and support the company's long-term development.
Jiangsu Etern has had other deals in Bangladesh, including a winning bid for a power plant project for about 305 million US dollars this year.
Thanks to the "Belt and Road" Initiative, Jiangsu Etern saw an explosive growth in overseas business and will keep the momentum of growth in the future, said Mo Lindi, chairman of the company.
(Edited by Yang Yifan, yangyifan@xinhua.org)
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