Embraer signed a memorandum of understanding with China’s ICBC Financial Leasing Co. to create financing opportunities for the sale of commercial and executive jets in China and other markets.

According to Embraer, the agreement covers up to $2.5 billion of financing over the next five years.

Embraer Commercial Aviation president Paulo Cesar Silva said the rapid development of the Chinese economy has resulted in “high growth rates for regional and executive aviation, making it one of the greatest potential markets in the world. Embraer forecasts a demand of 430 commercial jets up to 120-seat and 635 executive jets in China during the next 10 years.”