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China to double investment fund for Greek shipping

6 March 2011 No Comment

CHINA will double to about US$10 billion (S$12.7 billion) the size of a fund offering cheap loans to Greek shipowners, Greece’s Maritime Affairs minister said on Saturday.

China agreed in October to set up a US$5 billion fund to help Greek shipowners buy Chinese-made vessels.

Greeks control a big part of the world’s commercial fleet and many of their vessels are built in shipyards in the Far East.

‘It is extremely positive that we have doubled this amount to about 10 billion dollars,’ Mr Diamantidis was quoted as saying in an interview to newspaper To Thema. Mr Diamantidis visited China earlier this week.

‘China has pledged that the financing terms for Greek companies will be better than those offered by any other bank in the world,’ Mr Diamantidis said.

Chinese shipping conglomerate Cosco has pledged to charter Greek-owned ships built in China, he added.

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