Israel and China expand trade credit by $500m
Thursday’s deal represents the third expansion since 2012, and the last protocol led to 100 export transactions with over $1.1 billion.
Israel and China sign finance agreement. (photo credit:FINANCE MINISTRY)
Israel and China on Thursday signed an agreement to expand by $500 million a financial protocol that helps finance Israeli exports to China.
The financial protocol, which since its inception in 1995 has reached a total of $2.6 billion, insures lines of credit Israeli banks issue for Chinese companies purchasing Israeli goods.
Most of the transactions, according to the Finance Ministry, are in health and medical devices, although education, transportation, communications, infrastructure and agriculture are also included.
Thursday’s deal represents the third expansion since 2012, and since 2010 it has led to 100 export transactions worth more than $1.1b. in total.
“The third expansion of the financial protocol between Israel and China is a further measurement for tightening the relation between the two countries and indicates the success of the protocol in opening the Chinese market to Israeli companies,” Finance Ministry Accountant-General Michal Abadi-Boiangiu said.
“The policy of using state guarantees to support growth-generating targets is reflected in the expansion of the protocol, which will lead to the increase in the Israeli exports, thus benefiting employment, GDP and tax revenues,” she said.
FOR ENTIRE ARTICLE CLICK LINKClick here for the Top 12 Moments in Jewish History...LET THE ADVENTURE BEGIN! »