BEIJING -- Chinese banks will be financing 320 national cultural and tourism projects to promote high-quality development of the relevant industries.

The projects were jointly selected by the Ministry of Culture and Tourism and six banks, including the China Development Bank and the Export-Import Bank of China.

The projects are expected to receive a total investment of around 620 billion yuan ($95.7 billion) and around 233 billion yuan worth of funds, according to the ministry.

Some of the projects have already been implemented and gained credit support, the ministry said.