Ministry of Finance accountant general Michal Abadi-Boiangiu today signed a $500 million extension of the financial protocols between Israel and China with Chinese Deputy Minister of Finance Yaobin Shi. Representatives of the Israel Ministry of Foreign Affairs and Ministry of the Economy also attended the signing ceremony.
"The extension of the financial protocols will make it possible to increase exports to China, and to spread government support among various industrial sectors in Israel. At the same time, under the financial protocol, the Chinese government has guaranteed to the Israeli government that credit will be repaid," the Ministry of Finance said.
The financial protocol is an agreement between the Israeli and Chinese governments establishing the infrastructure for implementation of deals for exports from Israel to China. Through the protocol, Israeli banks finance long-term credit for Chinese industrialists purchasing equipment from Israeli exporters. Insurance for the deal is provided by the Ministry of Finance accountant general department through Ashra Israel Export Insurance Corp. Ltd..
The current extension will bring the financial protocol with China to a cumulative total of $2.6 billion, starting in 1995, up until the present time. Most of the deals are in health, in other words the sale of medical equipment and the construction and renovation of hospitals. There are also deals in education, transportation, communications, infrastructure, and agriculture. The deals are spread all over China.
Published by Globes [online], Israel business news - www.globes-online.com - on July 9, 2015
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