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WASHINGTON: The export-import banks of the United States and China signed agreements on Monday to expedite financing for transactions that will help support US export jobs and promote China's sustainable development.

The agreements, announced under the auspices of the US-China Strategic Economic Dialogue, establish a strong foundation for working together to support America's exporters and China's development, said US Export-Import Bank Chairman and President James H. Lambright. "The cooperation between our two banks embodies the essence of the Strategic Economic Dialogue," he said.

Specifically, the two institutions signed a MOU on a long-term credit agreement that will provide financing for most US export transactions to China worth more than $20 million. The first transaction is already under way.

The US Export-Import Bank also expressed willingness to consider financing the sale of heavy-duty railway maintenance equipment, worth $164 million, by Harsco Corporation to the Ministry of Railways.

"We are grateful that the Export-Import Bank is willing to consider financing, which would play a pivotal role in enabling us to further expand Harsco's share of the China market," said Harsco Chairman and CEO Derek C. Hathaway.

Xinhua

(China Daily 05/23/2007 page1)