France’s State Bank is holding a $1 billion bond issue on the Grimaldi cargo ship to help pay for its development.

French Defense Minister Gerard Collomb told reporters Monday that the project is on track for completion this year.

The Grimaldi will carry some 3,000 containers and 5,000 barrels of oil.

Collomb said the project will be financed by the state’s share in the French government’s debt and will be paid for by sales of state assets.

The state-owned Caisse de dépôt et placement du Québec (CDQ) owns 60 percent of the vessel.