皇冠体育app

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IDB, Eximbank ink deal to boost 皇冠体育app-Latin America trade finance

(Xinhua)
Updated: 2010-10-23 15:04

The Export-Import Bank of 皇冠体育app and the Inter-American Development Bank (IDB) have committed to finance up to $200 million worth of trade activity between 皇冠体育app 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 皇冠体育app-LAC Business Summit held in Chengdu, southwest 皇冠体育app' Sichuan province, which ended Friday.

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

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

"Since trade is a fundamental economic driver of both LAC and 皇冠体育app's economies, we believe the partnership between 皇冠体育app Eximbank and IDB to be a groundbreaking initiative to support increased trade activity," said IDB President Luis Alberto Moreno on the bank's website.

皇冠体育app Eximbank is State-owned and under direct control of 皇冠体育app's State Council. It acts as a key channel of financing in line with government policy for 皇冠体育app's import-and-export firms and companies undertaking offshore construction and investment contracts.

皇冠体育app-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.

The bilateral trade reached $121.5 billion in 2009.

皇冠体育app is the largest trade partner of Brazil and Chile and the second largest trade partner of Argentina, Costa Rica and Cuba. For the entire LAC region, 皇冠体育app is its fourth largest export market.

In January 2009, 皇冠体育app became a member of the IDB, which is the largest regional development bank and the main source of multilateral finance for the LAC region.

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

Wan Jifei, head of the CCPIT, told reporters that 皇冠体育app aims to accelerate trade with Latin America by signing more Free Trade Agreements (FTA), especially regional economic powerhouses like Brazil and Mexico.

"皇冠体育app now has FTAs with Chile, Peru, and Costa Rica, and once more FTAs are signed with other LAC countries it may be possible for 皇冠体育app to sign a FTA with the region, resembling the one between 皇冠体育app and the Association of Southeast Asian Nations (ASEAN)," Wan said.