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China Exim Bank boosts green credit for green growth

Xinhua, June 16, 2016 Adjust font size:

The Export-Import Bank of China (China Exim Bank) offered stronger credit support last year for the development of green economy amid China's drive to promote ecological progress and curb pollution.

Outstanding loans extended by China Exim Bank for energy saving and environment-friendly projects amounted to 76.602 billion yuan (11.69 billion U.S. dollars) by the end of 2015, up 44.75 percent year on year, said Feng Chunping, a senior official from China Exim Bank, during a press conference.

The government-backed policy bank has financed several hundred renewable energy projects including wind power, solar energy and energy-saving projects in the steel and chemical industries to help enterprises improve energy efficiency, said Feng.

Outlined as one key task in the plan for the next five years, green finance is now part of China's national strategy since being first mentioned in 2015.

Green finance uses institutional and policy arrangements to encourage more investment in energy-saving and environmentally friendly projects via financial products and services such as green loans, bonds, stocks, private equity, insurance and carbon emissions trading. Endi