BEIJING (Reuters) - China is teaming up with the International Finance Corp., the private sector arm of the World Bank, to support environmentally and socially sustainable investment in emerging markets.

Some Chinese companies have come under fire for riding roughshod over labour and environmental standards and for ignoring local sensitivities, especially in Africa.

Under an agreement signed on Friday, the Export-Import Bank of China and the IFC will make joint investments and provide project financing and credit guarantees.

They will also work together to offer advisory services in environmental protection, energy efficiency and sustainable finance. The two said they would cooperate in China as well as in regions such as sub-Saharan Africa and Southeast Asia.

Ex-Im Bank plays a key role in supporting Beijing's efforts to encourage Chinese companies to target investment opportunities and construction projects in developing countries.

Vice-President Li Jun said Ex-Im Bank hoped to provide Africa with financing totalling $20 billion over the next three years.

But Li said the figure, first reported by the Financial Times during last month's African Development Bank meeting in Shanghai, was just an aspiration.

"How much of that amount will actually be used will depend on the number of mutually beneficial projects we can agree on," Li told reporters at a signing ceremony with IFC head Lars Thunell.