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China’s Harbin Bank to establish $500 mln innovation fund with Russian Sberbank

September 01, 2016, 13:26 UTC+3 VLADIVOSTOK

The fund will finance Sino-Russian high technology production facilities

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VLADIVOSTOK, September 1. /TASS/. Harbin Bank and Russian Sberbank will set up an investment fund to render support for high technology projects of Russia and China, Chief Executive Officer of the Chinese bank Zhang Qiguang told TASS on Thursday.

"We plan to set up a research and technology development fund. It will finance Sino-Russian high technology production facilities," the banker said.

"The decision has no yet been made regarding the size of projects to be supported by the fund. However, it has already been clear that the fund will amount to $500 mln," Zhang Qiguang said.

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