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China's Eximbank Pledges Support for Overseas Investment
The Export-Import Bank of China (Eximbank), the country's export-oriented policy bank, has decided to help more Chinese companies invest in foreign countries.
"Eximbank will provide quality and highly efficient financial services for Chinese companies going outward," said Yang Zilin, president of the bank.
Eximbank will expand loan services to Chinese companies that engage in processing trade or contract projects in foreign countries, Yang said.
The bank plans to provide first priority credit for export of equipment, technology and raw materials that are demanded by the overseas investment projects, he said.
As the country's only export-oriented policy bank established six years ago, Eximbank has broken new ground for China's exporters.
It financed the first large export project of telecommunications products by lending 250 million U.S. dollars to a domestic telecommunication maker for a massive export contract signed with a Pakistani buyer.
In 1995, the bank offered the first loan for exports of China's aviation products. Eximbank lent 2.6 billion yuan (313 million U.S. dollars) by the end of last year to domestic airline companies who produced plane parts for world-renowned airplane manufacturers.
It lent 2.5 billion yuan (301 million U.S. dollars) in 1999 to finance project contracts worth 1.2 billion U.S. dollars in 15 countries.
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