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China: Sinosure
01 November 2004
Read more:
export
credit insurance
finance
trade
export credit
A new approach
China Export and Credit Insurance Corporation
(Sinosure) was established in October 2001 by a merger of the
export credit insurance departments of PICC and of the
Export-Import Bank of China. It is the only policy-oriented
Chinese insurance company specializing in export credit
insurance. The ownership structure is 100%
sovereign.
The up and coming ECA is presently focusing on supporting
Chinese capital equipment exporters to new markets. As an example,
it was insurer on the 2003 Trade Finance deal of the year arranged
by Industrial and Commercial Bank of China and SG CIB (Trade
Finance, March 2004, p29.) The six and a half year deal was the
first Sinosure-backed transaction where a major Chinese bank worked
alongside a foreign bank.
The $40 million financing featured telecommunications equipment
exports from the state-owned Chinese company ZTE Corporation (ZTE)
to the Algerian borrower Algérie Télécom. The deal was also
supported by Banque Nationale d'Algérie....
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