Moscow-Beijing Fund Could Contribute to Development of Russian Far East

The local development fund between China and Russia could contribute to the development of regions in the Russian Far East, Chinese Foreign Minister Wang Yi said Friday.

MOSCOW (Sputnik) — Earlier this month, Chinese President Xi Jinping announced within the framework of the One Belt, One Road (OBOR) international forum that National Development and Reform Commission of China would establish the China-Russia Regional Cooperation Development Investment Fund with 100 billion yuan ($14.5 billion).

"At the OBOR forum, China announced plans to launch a 100 billion RMB local development fund between China and Russia. The fund can find suitable projects in the development of Russia’s Far East," Wang said after the meeting with Russian Foreign Minister Sergey Lavrov.

On May 14-15, the Chinese capital hosted a high-level forum on international cooperation within the "One Belt, One Road" initiative. The heads of 29 states and governments, as well as other senior officials, participated in the event.