(JNS.org) Israel and China have signed an agreement that expands the trade credit between their countries by $500 million.
The financial protocol between the two nations—which began in 1995—has now increased to $2.6 billion in insured lines of credit issued by Israeli banks to Chinese companies. The protocol’s expansion, signed Thursday, is the third such expansion since 2012. Those expansions have led to more than $1.1 billion worth of export transactions.
"The third expansion of the financial protocol between Israel and China is a further measurement for tightening the relation between the two countries and indicates the success of the protocol in opening the Chinese market to Israeli companies,” said Israeli Finance Ministry Accountant General Michal Abadi-Boiangiu, Reuters reported.
“The policy of using state guarantees to support growth generating targets, is reflected in the expansion of the protocol, which will lead to the increase in the Israeli exports thus benefiting employment, GDP, and tax revenues," she added.