The Agricultural Bank of China will provide loans for the People's University of China with a ceiling line of 500 million yuan in the coming five years.

According to an agreement signed in Beijing November 30, the loans will be used to support the construction of science departments for the university, and the carrying out of projects such as distance learning and developing high-tech industry.

The bank will also provide mortgages for faculties to buy housing or cars.

According to the agreement, People's University will also provide training and information consultancy for the bank, and conduct research for the bank.

Experts said that the cooperation will be a "win-win" choice for the two parties, as the bank will extend its business to the university and the university will have strong funding support for rapid development.