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US Ex-Im Bank has signed a framework agreement that will make it easier for the bank to help finance purchases of US exports by Chinese government entities.

The agreement, signed by Ex-Im chairman Philip Merrill and Chinese vice-minister of finance Liao Xiaojun, provides an efficient procedure whereby the ministry may guarantee payment of obligations of a Chinese buyer of US Ex-Im-financed US exports.

“As China’s economy expands and its people increasingly prosper, it will have growing need for the top-quality goods and services that the United States can provide,” Merrill says. “This framework agreement will make Ex-Im Bank’s support of Chinese purchases easier and more efficient, and will enable the bank to help finance a wide range of exports to China, ranging from renewable energy, medical equipment, and environmental products to transportation, telecommunications, and other infrastructure equipment.”

Ex-Im Bank’s chief operating officer and general counsel, Peter Saba, who led Ex-Im Bank’s negotiations, praised the negotiators on both sides, noting that: “In the final agreement, we were able to accommodate the ministry of finance’s interests while preserving Ex-Im Bank’s rights in sovereign credits. This is an important result for both governments.”