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Mexican banking giant Grupo Financiero Banorte SAB de CV has struck an agreement with China Export & Credit Insurance Corp., or Sinosure, in an effort to support trade financing, Reuters reported.
Under the deal, Banorte will lend to Mexican entities that want to purchase goods or services from China. Sinosure, meanwhile, will offer credit guarantees and insurance to Banorte on exports from China to Mexico.
Banorte did not disclose the value of the deal, Reuters noted.