The Chinese smartphone manufacturer Xiaomi has confirmed a 1 billion US dollar loan in order to help it develop overseas. The company’s CEO, Lei Jun, said recently that it would be focusing on expanding its international presence, as well as looking to grow offline sales. It is thought that Xiaomi will add to the 149 stores that it currently has in China, with another 100 built over the next two years. Whilst details were not given about its global expansion, the company has just secured a deal with Nokia that it says will create a “strong platform” to grow on. Xiaomi is currently the third largest smartphone manufacturer in China, having overtaken Apple after selling 15 million devices aimed at a more budget market.