The Export-Import Bank of China signed a strategic cooperation agreement with the Shanxi government and established a branch in Shanxi on Feb 27.

During the 13th Five Year Plan period (2016-2020), the bank will offer credits of at least 120 billion yuan ($17.47 billion) to Shanxi, giving the province priority in policy-related lending, business innovation and general availability of credit.

It will also provide financial support for local infrastructure construction, the real economy and international cooperation in improving industrial capacity.

Lou Yangsheng, governor of Shanxi, hoped that the partnership will further facilitate the province's supply-side structural reforms and innovation.

He added that the local government will enhance the credit system and create a better environment for financial institutions investing and expanding businesses in Shanxi.

Founded in 1994, the Export-Import Bank of China, headquartered in Beijing, aims to facilitate the foreign trade of Chinese products and promote international economic cooperation. It now has some 20 branches across China and several offices in Europe and Africa.