The Agreement followed bilateral talks between representatives of both government at the Diplomatic Centre.
Prime Minister Kamla Persad-Bissessar also announced that Trinidad and Tobago will soon establish an embassy in Beijing.
The funds will be invested in mutually acceptable projects.
Foreign Affairs Minister, Dr Suruj Rambachan, explained that Trinidad and Tobago will not have to repay the Chinese because the money is in the form of a grant.
China also announced Monday that it will provide loan facilities for Caribbean countries, including Trinidad and Tobago, of US$2 billion.
Vice Premier Wang Qishan made the announcement when he addressed the opening ceremony of the 3rd China-Caribbean Economic and Trade Cooperation Forum in Port of Spain.
Wang said China will initiate a 6-point policy for improving relations with the Caribbean over the next three years that is primarily meant to enhance financial and investment cooperation.
"China will provide US$1 billion in loans of preferential nature to the Caribbean countries in support of local economic development," he said.
"China encourages exchanges and cooperation between the commercial banks of the two sides. The China Development Bank will set aside US$1 billion to be used as special commercial loans for infrastructural development," he added.
China also plans to contribute US$1 million to the Caricom Petroleum Fund which was created and is financed by Trinidad and Tobago.
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