Chinese state policy bank China Exim Bank has signed a $1bn ship financing MOU with Dutch banking and financial services corporation ING Group.

Under the MOU, ING and China Exim Bank have expressed an interest to cooperate on future ship financing transactions, including Chinese built shipping and offshore transactions.

The deal was signed during Holland’s King Willem-Alexander’s visit to China.

“China is one of the leading nations in the shipbuilding industry and many of our clients own Chinese built ships. Both the Eximbank of China and ING Bank have a long history in financing such vessels and by teaming up we will be in a stronger position to serve our clients,“ said Stephen Fewster, global head of shipping finance ING Bank.