BEIJING, Aug. 13 (Xinhua) -- Industrial and Commercial Bank of China (ICBC), the country's biggest lender by market value, said Friday it signed an export buyer's credit agreement with Huawei Technologies Co.'s clients in Indonesia to finance their imports of Huawei's products.
It was the first renminbi export buyer's credit agreement ever signed and it would help boost the development of renminbi cross-border trade settlement services, an executive with ICBC said.
Export buyer's credit refers to the medium and long-term credit provided to foreign borrowers to finance their imports of Chinese products, technologies and services.
According to the agreement, ICBC will offer Huawei's clients 50 million yuan (7.35 million U.S. dollars) for their purchases of an Online Charging System, an intelligent charging platform produced by Huawei, China's leading telecom equipment manufacturer.
The 50-million-yuan agreement was part of a 2-billion-yuan fundraising framework memorandum signed between ICBC, Huawei and its Indonesian partners on Thursday.
The ICBC executive, who spoke on condition of anonymity, said the lender would make more efforts in financial product innovation in a bid to encourage Chinese companies to expand their footprints on global markets.