The Export-Import Bank of China signed with Haier Group a US$ 1.5-billion cooperation agreement on buyer's credit, in Qingdao, east China's Shandong province on September 7.

The loan is mainly aimed at backing Haier for its "going overseas" program concerning its machinery products, set equipment, export of high and new technological products and investment overseas, and foreign contracting. It is expected to inject new impetus to the international strategy of Haier.

As learned from the Export-Import Bank of China, as a sort of export credit, buyer's credit is a medium and long-term loan in foreign exchange issued by an exporter to foreign loaners to encourage the export of the capital goods.

By People's Daily Online