The deal with the world's biggest bank that covers the next three years provides a boost to the club's transfer war chest and other operations.
“There are a number of reasons we're delighted to reach this agreement with Everton," Jothann Durnall, relationship manager at ICBC London, said of the arrangement.
“Not only is it our first partnership with a UK football club, but it's exciting for us to partner with such an ambitious club. We're all looking forward to seeing the facility we've agreed playing a part in the club's future successes.”
Akin to a massive overdraft, the facility provides funds for Everton to use for transfers or day-to-day activities. As such, it is a more effective method of borrowing money than the annual loans that the club was taking out with controversial off-shore entities in the British Virgin Islands that recently came under the microscope of Parliamentary oversight and the Premier League's own watchdogs.