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Russia, China to set up $4 bln investment fund

October 11, 2011, 14:22 UTC+3

The parties have already begun "to identify concrete projects"

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BEIJING, October 11 (Itar-Tass) — The Russian Direct Investment Fund, China Investment Corporation and Vnesheconombank will create an investment fund worth up to 3-4 billion dollars.

They will seal this deal in Beijing in the presence of the two countries’ prime ministers Vladimir Putin and Wen Jiabao on Tuesday.

VEB chief executive officer Vladimir Dmitriyev told reporters that within the first seven years the project will be co-financed by each party’s 1 billion dollar contribution.

“But along with this we proceed from the assumption that we will find investors who will change this ratio for 1 to 4, which means that 1 billion dollars will be injected by Russia and 4 billion – by Chinese and outside investors,” he said.

The Russian Direct Investment Fund will control the fund’s management company.

The parties have already begun “to identify concrete projects.” “I am strongly confident that this will be a large-scale Russian-Chinese program for attracting investments into the Russian economy,” Dmitriyev said.

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