China’s Cosco Shipyard has inked a deal with China Development Bank’s Dalian branch for RMB20bn ($3.14bn) worth of financing over the next five years.

“Over the next five years, China Development Bank Dalian branch will provide Cosco Shipyard with RMB20bn under a partnership deal involving investments, bonds, leasing, securities and other financial products, all of which will serve to deepen our cooperation,” Cosco Shipyard announced on its website last Friday.

Additionally, the bank’s Dalian branch and Cosco Dalian Shipyard also sealed a deal for a RMB160m loan for the purpose of boosting cash flow.