Brazilian aircraft manufacturer Embraer said Wednesday it had signed a deal with China's AVIC International Leasing to finance the purchase and leasing of up to 1.5 billion dollars' worth of planes over five years.

The agreement is to facilitate the sale of Embraer aircraft in China and other markets with a focus on regional routes and business travel, the company said in a statement.

AVIC has a fleet of 62 aircraft and a leasing book worth 1.2 billion dollars.

Embraer is the third biggest commercial aircraft maker in the world, behind Airbus and Boeing. It has a factory in China.