20:38 GMT +323 September 2018
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    Alexei Chekunkov (center), CEO, JSC Far East and Baikal Region Development Fund, attends the Country Dialogue Russia-China at the Eastern Economic Forum in Vladivostok

    China Invests Over $1.9Bln in Russian Far East Development Projects

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    China will invest more than $1.9 billion in Russian Far East development projects.

    MOSCOW (Sputnik) — Chinese investors have injected more than $1.9 billion in Russian Far East development projects, a source at the Russian Far East Development Ministry told Sputnik.

    "The [Russian] Far East Development Corporation has concluded 31 agreements with companies for over 184.4 billion rubles [$2.6 billion]," the source said, adding that over $1.9 billion, or some 75 percent of all the investments, were made by China.

    According to the source, the Chinese money will be used in a wide range of projects, namely the creation of an oil refiner and a logistical center, as well as constructing a cement factory and a plant for reworking ferrous scrap metals.

    As of February, the Russian Far East Development Corporation has received over 109 applications for investments of $6.4 billion in local projects. The corporation has so far approved 60 applications for ventures worth $3.8 billion.

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