China Everbright Bank opened a branch in Tibet Autonomous Region on Wednesday, which will support the region's economic development with heavy financing over the next five years.

China Everbright Group and the bank's Lhasa branch signed strategic cooperation agreements with the regional and Lhasa municipal governments respectively. It is the 17th financial institution operating in the autonomous region.

In the next five years, China Everbright Bank, a national joint-stock commercial bank, will provide financial support of at least 50 billion yuan (7.6 billion U.S. dollars) for the region's infrastructure, key industries, poverty reduction and social development, said Wu Fulin, deputy general manager of China Everbright Group.

Tibet's financing sector has grown rapidly in recent years. Currently, the region has banks, securities, insurance, trust and small-loan firms.