The Export-Import Bank of China said Tuesday that it will fulfill China's commitment to grant US$5 billion as preferential loans to help Chinese companies invest in ASEAN countries as soon as possible.

 

"We may decide on projects by the end of this year, "said Governor Li Ruogu of the bank on Tuesday.

 

China made the commitment last year and Chinese Premier Wen Jiabao told ASEAN leaders at a summit Tuesday that China will honor its commitment.

 

The loans provided by the Export-Import Bank of China to ASEAN countries have amounted to more than US$6.3 billion over the past years, said Li.

 

The loans have funded projects ranging from power plant in Indonesia, shipbuilding and sugar factories in Vietnam, and textile factory in Thailand, to more than 30 projects in Singapore.

 

Since its founding in 1994, the state-owned Export-Import Bank of China has become a key channel of policy financing for China's mechanic, electronic and high-tech exporters. It has also funded Chinese companies for their overseas investment projects.

 

(Xinhua News Agency November 1, 2006)