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IDB, China's Eximbank ink deal to boost China-Latin America trade finance

10-23-2010 15:30 BJT

CHENGDU, Oct. 23 (Xinhua) -- The Export-Import Bank of China and the Inter-American Development Bank have committed to finance up to 200 million U.S. dollars worth of trade activity between China and Latin America and the Caribbean (LAC) region over the next two years, bank sources said Saturday.

The Letter of Intent was signed by the both parties at the China-LAC Business Summit held in Chengdu, southwest China's Sichuan province, which ended Friday.

The partnership is part of the IDBs Trade Finance Facilitation Program which supports trade activity by providing credit guarantees and loans to boost trade financing for Latin American and Caribbean companies.

China Eximbank's co-financing under the agreement will be exclusively for trade between LAC and Chinese companies, officials with the bank said.

China-LAC trade grew at an average annual rate of 31 percent from 2000 to 2008, figures of the IDB show. Even during the global economic meltdown the bilateral trade maintained its dynamism, it said.

China became an IDB member in January 2009.

The China-LAC Business Summit was hosted by the China Council for the Promotion of International Trade (CCPIT), the People's Bank of China (PBC), IDB and the Sichuan Provincial Government.

Editor:Zhang Pengfei |Source: Xinhua

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