SHANGHAI Waigaoqiao Shipbuilding (SWS) has signed a strategic agreement with the Export-Import Bank of China where the bank will provide credit facilities to a total of CNY18 billion (US$2.8 billion) over a three-year period.

China EximBank said it has been in close cooperation with SWS for more than 10 years, and supported the shipyard with close to CNY20 billion worth of credit facilities, the Seatrade Maritime News reported.

The latest CNY18 billion deal this year was the single biggest deal to-date, aimed at helping the yard's current venture into building bigger and higher specification ships.

SWS, subsidiary of China State Shipbuilding Corp (CSSC), delivered two 18,000-TEU mega-ships, the first of such giants to be built in China.

China EximBank had supported SWS with a loan of $312 million for the construction of three 18,000-TEUers built for France's CMA CGM.

The two parties said that amid the difficult business environment of the shipping and shipbuilding markets, the latest strategic cooperation is in line with the national drive to reform the maritime sector, and will allow SWS to maintain healthy growth in operations.