Israel today signed a $500 million extension of the financial protocols with China. The signing ceremony held by Ministry of Finance accountant general Michal Abadi-Boiangiu with Chinese Deputy Minister of Finance Yaobin Shi. The current extension will bring the financial protocol with China to a cumulative total of $2.6 billion, starting in 1995.
Most of the deals are in health, medical equipment , construction and renovation of hospitals. There are also deals in education, transportation, communications, infrastructure, and agriculture.
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“The extension of the financial protocols will make it possible to increase exports to China, and to spread government support among various industrial sectors in Israel. At the same time, under the financial protocol, the Chinese government has guaranteed to the Israeli government that credit will be repaid, ” the Ministry of Finance said.
What is the financial protocol?
An agreement between the two governments, Israeli and Chinese, establishing the infrastructure for implementation of deals for exports to China. Israeli banks finance long-term credit for Chinese industrialists purchasing equipment from Israeli exporters. Insurance for the deal is provided by the Ministry of Finance accountant general department through Ashra Israel Export Insurance Corp. Ltd..
