The China Export and Import Bank (Eximbank) signed a strategic cooperative agreement Friday in Beijing with the China Machinery Group Co.(CMGC) to provide the latter with loans of three billion US dollars.

According to the agreement, the Eximbank will grant the loans in the coming three years to support the machinery group's exports of machinery and electronics products and high-tech products, as well as its international cooperative projects involving overseas investment.

The Eximbank specializes in supporting the country's foreign trade and international economic cooperation. By the end of September this year, the bank had granted loans of over 500 billion yuan (61.73 billion US dollars) to support the export of 200 billion US dollars worth of machinery, electronics and high-tech products.

The CMGC is one of China's largest wholesale contractors, with a global ranking of 27th in the industry. It ranks 34th among China's 500 largest foreign trade companies and 25th among the country's top 200 exporters.

Source: Xinhua