To address these customer needs, at this year in the solar Europe we introduced the first operational and the warranty insurance covered by HDI Gerling. We were pleased to introduce unique solution at a system level. We continue to believe that some markets such as China, will began to see improvement in demand as the year progresses.
Last month the Chinese government approved a total of 1.7 gigawatts of solar project under its Golden Sun subsidy program for 2012, which almost tied over the last year and as a [joint process] in China has been as long – been have added advantage – has had advantaged our efforts to expand our PV project development service business. We recently signed a new multi-year EPC agreement for three projects located in the Gansu province. We expect to see continued growth opportunities throughout the China market this year.
As for the U.S., while we were respond by the Department of Commerce, preliminary decision on anti-dumping duty in May. We do not anticipate a very significant (indiscernible) to LDK Solar. We will work to ensure that we can meet the growing demand for our products in the U.S. At a global competitive price, we remain optimistic about regions long-term growth potential.
The Company remains challenged by its current cash and liquidity position. As of the most recent reports, we have approximately $3.5 billion of interest-bearing borrowings. Our financing teams have been working with our bank, as well as the provincial, municipal government to provide continued support to LDK Solar.We are maintaining a constructive relation with our banks and they have committed to work with LDK to assure long-term support by renewing current loans. We are working together on replacing short-term debt that has been used for long-term applications. Read the rest of this transcript for free on seekingalpha.com