The International Finance Corporation (IFC) a member of the World Bank Group, has proposed to offer an RMB-denominated senior loan of up to RMB 800 million ($120 million) to Chongqing Xiaomi Microfinance Co Ltd (Xiaomi MCC), a wholly-owned entity of Chinese mobile technology company Xiaomi Corporation.
The three-year loan offering will come from IFC’s own account and will be used by Xiaomi MCC to expand its lending business.
