The French Development Agency has signed an agreement with China's Ministry of Finance on expanding its loans to EUD120 million to support enterprises engaged in energy conservation and renewable energy in China.
According to the agreement, the project will be carried out by three Chinese commercial banks — China Merchants Bank, Huaxia Bank, and Shanghai Pudong Development Bank — each of which will be responsible for EUD40 million in loans.
In 2007, FDA initiated a green loan project with a total value of EUD60 million in China. It is reported that the project has achieved satisfactory results and it is understood that this is why FDA has decided to expand the program.
In addition to signing the agreement, the parties have also jointly released a handbook about the operation of green financial services by the banking industry. The handbook was compiled by experts from the Energy Research Institute of National Development and Reform Commission with funding support from French Funds for World Environment.