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An agreement on trade financing was signed on Thursday in Beijing by the China Construction Bank, one of the country's Big Four state-owned banks, and the International Finance Corporation (IFC).  

 

The deal marks the beginning of cooperation between CCB and IFC, a private arm of the World Bank Group, in providing customers with a trade financing service.

 

An official with the CCB said the bank would expand trade financing business in developing countries with credit support from the IFC in a bid to further improve its international competitiveness.

 

Over the past few years CCB had witnessed fast growth in international business, the official said.

 

CCB produced a three-year strategic development program for international business after it was listed on the Hong Kong Stock Exchange in October 2005, the first among the Big Four to go public, the official added.

 

The IFC wish to promote sustainable private sector investment in developing countries, assist reduce poverty and improve people's lives.

 

The IFC has achieved an AAA long-term credit rating from Standard and Poor, one of the major international credit rating agencies. Since IFC initiated their global trade financing service in 2005 more than 60 banks worldwide have joined the program.

 

(Xinhua News Agency October 13, 2006)