China EximBank lends $1.2 billion to German firms for Chinese ships: Xinhua

BEIJING Sat Mar 29, 2014 12:00am EDT

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BEIJING (Reuters) - Export-Import Bank of China (EximBank) will lend $1.2 billion to German shipping firms Peter Dohle Shiffahrts-KG and Bernhard Schulte for the purchase of Chinese ships, the official Xinhua news agency reported.

The deal will increase chances that German shipping firms will purchase more China-made ships, Xinhua reported the EximBank as saying late on Friday.

A prolonged slump in shipping and pressure to shrink bloated loan books have forced many European banks to abandon or scale down lending to the sector.

The EximBank loan deal was signed during Chinese President Xi Jinping's state visit to Germany on Friday.

(Reporting by Paul Carsten; Editing by Richard Borsuk)

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Comments (1)
nose2066 wrote:
The Chinese did the same thing with those wind turbines that generate electricity. They loaned billions of dollars at low interest / no interest for the purchase of China-made wind turbines.

Then they decided, “Why give away money to other people?”. So the Chinese started their own electricity generating wind farms in the U.S., to buy their China-made wind turbines.

Mar 29, 2014 11:59am EDT  --  Report as abuse
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