Shanxi Investments Group signed an agreement worth 20 billion yuan ($2.92 billion) with China Development Bank (CDB) for development financing on Nov 10.

The funds offered by the bank will be used to aid the company in developing local tourism, modern agriculture, renewable energy and high-tech industries. Additionally, the transformation of shantytowns and the construction of industrial parks will be on the agenda.

The cooperation between the two will facilitate the expansion and upgrading of Shanxi Investments, making the company a nationally leading investment and financing platform for local industry.

Shanxi Investments Group is a large corporation whose investments span over real estate, health care, environmental protection and other industries, as well as some 3,000 companies across the province. As of Oct 2016, the group has gained 10.8 billion yuan in revenue, with assets amounting to 26.1 billion yuan.

CDB, a financial institution under the management of the State Council, provides medium and long-term financial support for economic growth and the promotion of people's living standards. It is the world's largest development finance organization, ranking 87th on the 2015 Fortune Global 500 list in 2015.