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MOSCOW, April 28 (Itar-Tass) —— A Russian-Chinese investment fund will be created before the end of June, the Russian Direct Investment Fund said on Saturday, April 28.
The agreement to create the fund was reached at the talks between First Deputy Prime Minister Igor Shuvalov and Chinese Vice Premier Li Keqiang on Moscow.
The fund will be created by the Russian Direct Investment Fund (RDIF) and the Chinese Investment Company (CIC).
The first investments will go to machine-building, agriculture, forestry and wood processing industries, transport and logistical services.
“The volume of Russian-Chinese investments in the Russian economy may reach several hundred million U.S. dollars before the end of 2012,” RDIF Head Kirill Dmitriyev said.
The two sides are now creating a management company that will run the fund. The RDIF will have a 60-percent stake in the company and CIC will own 40 percent.
The RDIF will nominate the majority of key managers and do most of the work to find, select, study and evaluate prospective investment projects for the fund.
Earlier reports said that Russia and China were planning to create an investment fund of up to 4 billion U.S. dollars: 1 billion U.S. dollars from the RDIF, 1 billion U.S. dollars from CIC, and the remaining 2 billion U.S. dollars from “other investors”.
Up to 70 percent of the fund’s money will be invested in companies and projects in Russia and CIS countries, and up to 30 percent will be invested in China.