"We thank God for the good news that we have achieved the substantial conclusion of the negotiations," Laureano Ortega Murillo, presidential adviser on trade and investment, told state media.
The adviser, son of President Daniel Ortega and Vice President Rosario Murillo, praised Chinese President Xi Jinping for "the great attention (China) gave to this relationship of brotherhood."
Finance minister Ivan Acosta said the deal could increase the country's gross domestic product, projected at between 3.4 percent and 3.5 percent between 2023 to 2026, by at least two additional points.
No details were provided about the scope of the deal, which is expected to come into force in January 2024.
Nicaragua and China established diplomatic relations in 2021 after Managua severed ties with Taiwan and switched its recognition to Beijing.
Since then the two sides have signed agreements to promote Chinese investment in the Central American country.
In April, Nicaragua began building thousands of subsidized housing units with Chinese aid.
China has made diplomatic headway in Central America, most recently in March when Honduras switched diplomatic recognition from Taipei to Beijing.
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