The Import and Export Bank (EXIM bank) of China signed an agreement in Beijing Monday with Shenzhen Airlines Co., Ltd. to fund the latter with 1.5 billion U.S. dollars.

This is the first import credit facilities framework agreement ever signed by the bank in the past dozen years.

The Shenzhen Airlines is expected to use the money to import aircraft and equipment, and aviation technology and service.

Li Ruogu, chairman of China EXIM bank, said the import credit business complies with the trend of China's economic development. It is good for balancing import and export of the country.

As one of the major airline companies of the country, Shenzhen Airlines boasts a total asset of 8 billion yuan (988 million U.S. dollars) and operates more than 100 domestic and international air routes.

China EXIM bank is one of China's major policy-oriented banks offering support for the country's foreign trade.

Source: Xinhua