Israel and China signed a $300 million agreement on green, smart energy and environmentally friendly technologies and advanced agricultural technologies, Israel's Ministry of Finance announced on Monday.
The agreement inked in Beijing involves the increase in exports of clean-tech products from Israel to China, the ministry said.
Israel's Finance Minister Moshe Kahlon was in Beijing to sign the “clean-tech” deal that builds on past agreements, the press release said.
The agreement demonstrates the strength of Israeli industry and its reputation in the world, and the strengthening of economic cooperation with the Chinese government, Kahlon remarked in the press release.
The ministry proclaimed that the agreement's financial protocol allows for rapid infrastructure for the implementation of export transactions from Israel to China, through the State's Foreign Trade Risks Insurance Guarantee.
Through the protocol, Israeli banks through long-term credit will finance Chinese importers who purchase equipment from Israeli exporters, with the backing of State guarantees approved by the Israeli Accountant General, according to the press release.
The guarantee enables Israeli exporters to successfully compete in world markets.
Since its first signing in 1995, more than 320 transactions have been carried out within the framework of the Protocol, totaling more than $1.75 billion in the areas of health, agriculture, education and more, the press release showed.
By Muhsin Baris Tiryakioglu
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