The Bank of China has signed an agreement in Madrid to borrow $340m from a syndicated loan group to buy digital telephone exchanges from Alcatel NV’s Alcatel Standard Electrica SA in Spain: the banks providing the funds are Barclays Bank Plc, Banque Indosuez, Union Bank of Switzerland and Central Hispanoamericano of Spain; China is negotiating a further $460m loan from Hispanoamericano for telecommunication projects for 1995 to 2000.
