07:14 GMT04 July 2020
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    RIYADH, (Sputnik) - The Saudi Public Investment Fund (PIF) will contribute $500mln to the Russia-China Investment Fund (RCIF), the Russian Direct Investment Fund (RDIF) said Thursday in a statement.

    "The agreement sets out that PIF will contribute $500 million to RCIF. Thus, RCIF will have a total of $2.5 billion of capital under management (of which RDIF and China Investment Corporation contributed $1 billion each). The agreement creates a trilateral Russian-Chinese-Saudi investment fund," the statement read.

    READ MORE: Saudi Arabia, Russia to Extend Agreement on Preserving Oil Market Stability

    Since its establishment in 2012, the Russia-China Investment Fund (RCIF) has invested in and approved more than 25 projects. Investments were directed to sectors such as infrastructure, the forest industry, consumer sector, financial sector, information technology, and others. Currently, there are more than 20 projects with a total volume of over $1 billion in sectors like technology, retail, agriculture and food production, transport and logistics, e-commerce, financial services, real estate, and healthcare.

    “The current agreements with our Saudi partners are bringing the RCIF to the global level — the three leading sovereign funds are joining forces for the joint implementation of investment projects. Such a scheme will not only unify the expertise of investors in Europe, Asia, and the Middle East, but also allow the fund's portfolio companies to receive support in several key markets at once,” the statement read.

    fund, investment, Saudi Arabia, China, Russia
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