CMA CGM, Chinese Bank in Finance Deal

Posted by Joseph Keefe June 30, 2015

French container shipping group CMA CGM said on Tuesday it will sign a $1 billion financing agreement with the Export-Import Bank of China.

Marseilles-based CMA CGM said in a statement that the agreement, to be signed on Wednesday during a visit by Chinese Premier Li Keqiang to its headquarters, provided for loans and guarantees for ship and container orders from China as well as strategic investments.

CMA CGM, the world's third-largest container shipping firm, said it would also sign an agreement with China Merchants (CMHI) to look at joint investments in the country's so-called "One Belt, One Road" initiative to create a network of infrastructure to boost trade.

Reporting by Leigh Thomas