EXIM BANK MALAYSIA, CHINA EXIM BANK SIGN FRAMEWORK AGREEMENT

KUALA LUMPUR, Nov 16 (Bernama) -- The Export-Import Bank of Malaysia Bhd (EXIM Bank Malaysia) and the Export-Import Bank of China (China Exim Bank) have signed a framework agreement to strengthen economic and trade ties between Malaysia and China.

EXIM Bank Malaysia chairman Datuk Charon Mokhzani said the agreement represents a significant step in the bank’s continued collaboration with China Exim Bank. 

“This cooperation will open new avenues for trade and investment, benefiting both our nations,” he said in a joint statement. 

Under the agreement, China EXIM Bank would grant EXIM Bank Malaysia a line of renminbi credit facilities for eligible Malaysian companies pursuing business and trade activities in China. 

According to the statement, the credit line aims to finance the purchase of Chinese mechanical and electronic products, complete sets of equipment, and high and new-tech (technology) products and services. 

Besides, the agreement would support cooperation in natural resources and energy exploration, as well as construction contracting projects between Chinese and Malaysian enterprises. 

It said the agreement would also be applied to projects in fields such as energy trading, raw materials trading, and mechanical and electronic products trading, among others, third-party market cooperation projects and other mutually agreed projects to facilitate trade growth between both nations,

“The agreement also emphasises cooperation in other areas, including third-party market cooperation projects in Belt and Road Initiative countries and trade transactions between China and Malaysia. 

“Additionally, it focuses on energy and infrastructure projects, including clean energy financing and development, contracting projects involving Chinese or Malaysian enterprises, and green and decarbonised projects developed by Chinese and Malaysian enterprises,” it said. 

-- BERNAMA