BEIJING, Dec 5 (Reuters) - The U.S. and Chinese export-import banks have agreed to make an additional $20 billion available for trade finance, particularly for creditworthy importers in developing economies, the U.S. government said on Friday.
The U.S. Export-Import Bank will provide $12 billion and the Export-Import Bank of China will provide $8 billion to help finance the export of more U.S. and Chinese goods, according to a U.S. fact-sheet issued after two days of high-level talks.
Current financial stresses were making it difficult to secure finance to promote trade in emerging market economies, the fact-sheet said.
"This effort should support over $38 billion in annual financing for exports from the US and China, and will benefit the global economy," U.S. Treasury Secretary Henry Paulson said earlier in announcing the initiative. (Reporting by Glenn Somerville; Writing by Alan Wheatley; Editing by Ken Wills)