The China Export and Import Bank (Eximbank) would grant loans of 10 billion yuan (US$1.5 billion) to Chery Automobile to finance its overseas expansion, according to a strategic cooperation agreement signed on Sunday.

The Anhui Province-based Chery, the largest home-brand carmaker, would use the money to support its global business, such as increasing products export as well as imports of relevant technology and equipment, according to the agreement.

Chery exported 125,000 cars in the first 10 months this year, outnumbering the export volume for the whole last year. The company planned to export 400,000 cars in 2010.

The Eximbank, China's policy bank specially for supporting foreign trade and foreign-related cooperation, has helped many Chinese enterprises with competitive advantages edge into international markets.

(Xinhua News Agency December 8, 2008)