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| Profa initiated the business of offering a subsidized export credit of USD 200 million to China to facilitate the implementation of the relevant projects. The credit took advantage of a preferential policy of the Chinese government for full tax exemption, which was of great significance to both the manufacturer and Chinese customers. |
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| In October 1993, the credit was approved by State Planning Commission ( SPC ) and Ministry of Foreign Trade and Economic Cooperation ( MOFTEC ), and was also granted the corresponding foreign exchange permit. In December 1993, the related financial agreement finalized with the Construction Bank of China (CBC). Later, in January 1995, another financial agreement was signed with the Industrial and Commercial Bank of China (ICBC). |
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| Throughout the operation of the above-mentioned project, Profa conducted the meetings with all the relevant Chinese government authorities and banks, as well as all other business activities. The sucessful business illustrate that Profa has the capability in offering professional service and has ability in public relations activities, which are indispensable elements in large projects. |
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