The China Export and Import Bank (Exim Bank) and the China Huaneng Group (CHNG) signed a strategic cooperative agreement in Beijing Thursday, involving a credit line of US$5 billion.

According to the agreement, the Exim Bank will provide the Huaneng with a credit line of US$5 billion in the next three years to support the energy group's overseas investment and resources development projects.

Huaneng is one of China's major state-owned companies, and is also China's biggest power generating group. It has recently acquired partial interests in overseas power plants and coal mines.

China Exim Bank is one of China's policy banks, specializing in supporting the country's foreign trade and foreign economic cooperation. By the end of July, the bank had provided cumulatively 385.6 billion yuan (about US$47.6 billion) in export credit, supporting the export of US$193 billion worth of machinery and electronics products, as well as overseas contracted projects and investments, valued at US$33 billion.

(Xinhua News Agency August 12, 2005)