North Korea is reportedly negotiating with a number of Chinese banks and multiple international companies on deals to bring in foreign investment into the reclusive state.

A source familiar with North Korean affairs said Tuesday that the North is carrying out such negotiations through the Taepung International Investment Group, which Pyongyang established last year to draw in foreign investment.

The source said the amount of investments under discussion is estimated to stand at a minimum of ten billion U.S. dollars.

According to the source, North Korea and China held extensive talks on investments in North Korea by Chinese firms when Wang Jiarui, head of the international department of the Communist Party of China, visited Pyongyang last week.

If the North and China reach accords on their negotiations, they are likely to hold a signing ceremony at North Korea's State Development Bank around the middle of next month.

The North and China reportedly discussed investments in multiple railway projects in North Korea, the construction of apartments in downtown Pyongyang and the building of ports on the east coast.