The Export-Import Bank of China (China Exim) and KfW IPEX-Bank of Germany turned out to have entered into a strategic cooperation agreement for $1bn worth ship financing at the 7th China-Germany Economic and Technical Cooperation held recently.

The China Exim is planning to work on full cooperation with the traditional ship financing institution to provide quality financial services to global shipowners including those in Germany so that it can boost newbuilding competitiveness of Chinese yards.

An official at Transport Financing Department of the China Exim said that the latest agreement marks the first signed between export credit agencies in China and Germany. The two institutions will cooperate through recommending clients and offering syndicates to each other. With their own strong points, they plan to expand their businesses further with supporting Chinese and German shipbuilding industries.