BUENOS AIRES — Argentina plans to boost small and medium-size businesses (SMBs) with Chinese financial cooperation, state daily Telam said on Sunday.

The $150 million development agreement was struck between Argentina's Investment and Foreign Trade Bank (BICE) and the China Development Bank (CDB).

"The financing agreement reached with the CDB is very important, since accords with international agencies allow us to offer loans with very beneficial terms to Argentina's SMBs," BICE's president, Pablo garcia, said in a statement.

The financing will be provided in parts, with an initial outlay of $50 million, and will be earmarked to help small and medium-scale enterprises in the fields of renewable energy, energy infrastructure and agricultural manufacturing, among others, Telam said.

The agreement between BICE and the CDB is not solely financial, comprising also "cooperation between the two institutions to promote good international practices and to strengthen ties between Argentine and Asian companies," the agency said.