BEIJING -- The China Export and Import Bank (Eximbank) signed a sellers credit agreement with the China Machinery Equipment Import and Export Corporation here Thursday on granting loans of 1.1 billion yuan (more than $133 million) to support the construction of an Iranian power plant in Azarbaijan Province.

The power plant, to be installed with two 325,000 kilowatt generating units, was contracted by the CMEIEC and the Shanghai Electric (Group) Co. In June 1996, with a contracted value of 147 million U.S. dollars.

A spokesman for the Eximbank said that the Chinese side will be responsible for designing the plant, engineering management, civil engineering, equipment installation and operating guidance and testing.

In addition, major equipment including boilers, steam turbines, generating sets, meter control systems and electric systems will also be provided by the Chinese side.

Eximbank is China's state-owned export credit institution, and has so far financed 70 foreign electric projects.

(IRNA)