China Eximbank is a key channel for financing overseas investment projects by Chinese companies and is a major shareholder in the ASEAN Investment Cooperation Fund which provides investment in infrastructure, energy, natural resources and telecommunication projects in South-East Asia.
The cooperation agreement focuses on the provision of structured export finance and project finance and was signed in Beijing today by ANZ Chief Executive Officer Mike Smith and Li Ruogu Chairman and President of China Eximbank.
Commenting on the agreement Mr Smith said: “This agreement is of considerable significance in supporting trade and investment flows between Chinese companies and Australia and the Asia Pacific region.“China is now a primary driver of economic growth in Australia and in the Asia Pacific region, and trade and investment flows from Chinese companies are increasingly important in supporting new energy, natural resources and infrastructure projects. “This agreement extends the existing cooperation between China Eximbank and ANZ.It establishes a wide-ranging basis for cooperation including access to ANZ’s resources and infrastructure capabilities, finance facilities and offshore Renminbi Bonds, and market insights through the ANZ network in Australia, New Zealand and Asia Pacific,” he said.
China Eximbank is wholly owned by the Chinese government and is a key channel for financing of Chinese import and export of mechanical and electronic products, equipment and for offshore construction contracts and investment projects by Chinese companies.
ANZ is Australia’s largest natural resources bank with a significant presence in China.
ANZ China was locally incorporated in October 2010 and has a presence in Beijing, Shanghai, Guangzhou and Chongqing, and a Rural Bank in Liangping. ANZ also has strategic partnerships with Shanghai Rural Commercial Bank and Bank of Tianjin.