China Eximbank provides $1.5 billion USD export buyer's credit facility to Maersk Corporation for equipment and ship procurement in 2005

Project narrative

On May 26, 2005, China Eximbank signed a $1.5 billion USD export buyer’s credit cooperation agreement with A.P Moller - Maersk Corporation. In addition to the financial provision of this agreement, China Eximbank also agreed to prioritize providing export credit to Maersk Corporation. The two parties will also establish a joint working group to improve communication efforts. The borrower intended to use the funds from this agreement to finance the procurement of ships, containers and harbor crane equipment from China for the next five years. A.P. Moller - Maersk Corporation is one of the world’s largest shipping companies and is the largest purchaser of Chinese ships. The Corporation began to order various vessels from China in 1996. The execution of the export credit cooperation agreement consolidated the strategic partnership between China Eximbank and A.P. Moller - Maersk while boosting the export of products and equipment of relevant Chinese companies.