Fortis Global Export & Project Finance (GEPF) signed a comprehensive business cooperation agreement with China Export & Credit Insurance Corporation (Sinosure) on Monday.
According to the agreement, Fortis and Sinosure will develop products together, exchange market information and actively promote each other's businesses.
Sinosure is the only Chinese policy-oriented insurance company specializing in export credit insurance. The Fortis banking and insurance group is one of the twenty largest financial institutions in Europe.
Exports out of China have grown enormously in recent years, but the percentage of Sinosure-covered transactions remains low. It is expected that this percentage will now start to grow at a fast pace, said Fortis in a press release on Monday.
Through its close cooperation with Sinosure, Fortis is in a position to offer attractive financing solutions to both international and domestic companies exporting out of China and domestic companies investing overseas, said Fortis.
Liang Zhidong, Executive Vice President of Sinosure said that the partnership with Fortis has been beneficial to both sides and Sinosure looks forward to developing it further.
Listed in Amsterdam, Brussels and Luxemburg, Fortis's market value reached 40.6 billion euros at the end of May.
(Xinhua News Agency June 19, 2007)