China Construction Bank, one of China's Big Four State-owned banks, signed on Thursday an agreement with the International Finance Corporation (IFC) on trade financing.

The deal marks the beginning of cooperation between CCB and IFC, a private arm of the World Bank Group, in providing customers with a trade financing service.

An official with the CCB said the bank will expand trade financing business in developing countries with credit support of the IFC in a bid to further enhance its international competitiveness.

Over the past few years, CCB witnessed a fast growth in international business, the official noted.

CCB worked out a three-year strategic development program for international business after it was listed on the Hong Kong Stock Exchange in October 2005, the first among the Big Four to go public, the official added.

The motive of IFC is to promote sustainable private sector investment in developing countries, help reduce poverty and improve people's lives.

IFC has achieved an AAA long-term credit rating at Standard and Poor, one of the major international credit rating agencies. Since IFC initiated its global trade financing service in 2005, more than 60 banks worldwide have joined the program.

Source: Xinhua