IBM allocates $3 Billion for Europe and Asia Pacific

By siliconindia   |   Wednesday, 27 May 2009, 11:27 Hrs   |    4 Comments
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IBM allocates $3 Billion for Europe and Asia Pacific
Bangalore: IT major IBM has allocated $3 billion to finance the smart infrastructure in Europe and Asia which is likely to receive government stimulus support.

The move, announced on Wednesday, follows a similar announcement by the company to invest $2 billion in the U.S. as it seeks to win business for which government funds may not immediately be forthcoming.

Till the end of 2008, IBM Global Financing had $36 billion tied up in projects in the form of measures like project and commercial financing and asset leasing in the public and private sectors. The move was prompted by other infrastructure providers such as telecommunications equipment suppliers Ericsson and ZTE, who are increasingly providing vendor financing for cash-strapped customers amid global recession.

IBM is now offering low interest rates, deferred payments and structured credit for projects such as the development of congestion-charge schemes in inner urban areas, or health-information technology, as well as for smaller ventures.

Company has split $3 billion between $2 billion for Europe and $1 billion for Asia Pacific. The $2 billion previously announced for the U.S. will also be extended to Canada. The financing is also available for non-IBM products and services.

Nick Gallop, IBM Global Financing's head of marketing says, "These stimulus projects and other government projects for more sustainable industries are a huge opportunity for us. Government funding, with the best will in the world, takes time. We can make decisions rapidly now and let companies get started."We can use financing to make things much more affordable and bring forward the break-even point of the project", he added.

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