BEIJING - Chase Manhattan Bank signed a $100 million loan agreement with the Industrial and Commercial Bank of China to upgrade China's textile industry.

The loan will be used by textile enterprises in 17 Chinese provinces to import advanced textile technology and equipment to renovate existing plant, the Xinhua news agency reported.

The technology and equipment will be supplied by Somet of Italy, among the world's leading makers of rapier looms, it said. Daedalus Group Hong Kong acted as commercial consultant in the deal while Italy's Inseco was financial adviser.

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