08:33 GMT +314 December 2019
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    Russian and Chinese Investment Companies Agree to Set up $1Bln Joint Fund

    © Sputnik / Alexandr Demyanchuk
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    BEIJING (Sputnik) - The fund will be aimed at strengthening trade and economic ties between Russia and China, promoting Russian business in Guangdong, and encouraging Guangdong's companies to enter the Russian market.

    The Russian Direct Investment Fund (RDIF), the Russia-China Investment Fund (RCIF) and the investment fund of China's Guangdong province have agreed on key conditions for creating a joint Russian-Chinese Greater Bay Area Fund with a volume of $1 billion, the RDIF said on Tuesday.

    "The RDIF, the RCIF and multi-specialty investment company Guangdong Utrust Investment Holdings announce that they have coordinated the key conditions for creating a joint Russian-Chinese Greater Bay Area Fund with a volume of $1 billion," the RDIF said in a statement.

    Guangdong accounts for the biggest share of China's GDP.

    The documents were signed on Tuesday on the sidelines of the sixth annual meeting of the Russian-Chinese intergovernmental commission on investment cooperation in Beijing.

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    fund, investment, China, Russia
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