Billion-dollar MoU for Shipping Finance

 

On October 26, 2015 in the presence of President Xi Jinping and King Willem-Alexander of the Netherlands, ING Bank NV and The Export-Import Bank of China signed a three year Memorandum of Understanding (MOU).

 

The objective of the MOU is to further strengthen the cooperation between the two parties in the financing of Chinese built ships, both new and second hand, as well as selected offshore projects for a total amount of $1 billion, ING said.

 

Stephen Fewster, Global Head of Shipping Finance ING Bank said, “We are very pleased with this next step in building a deeper relationship with The Eximbank of China. China is one of the leading nations in the shipbuilding industry and many of our clients own Chinese built ships. Both the Eximbank of China and ING Bank have a long history in financing such vessels and by teaming up we will be in a stronger position to serve our clients.“