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Beijing and Moscow to pour roughly $15 bln into developing Far East

May 15, 15:29 UTC+3 BEIJING

China and Russia will establish a 100 bln yuan (about $14.5 bln) joint investment fund for regional development

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A view of a mountain range around Petropavlovsk-Kamchatsky

A view of a mountain range around Petropavlovsk-Kamchatsky

© Yuri Smityuk/TASS

BEIJING, May 15. /TASS/. China and Russia are planning to set up a joint regional development and cooperation investment fund with a total amount of 100 bln renminbi (around $14.5 bln) to bolster the development of Russia’s Far East and Northeast China.

According to the materials released at the Belt and Road forum, its initial amount totals 10 bln renminbi (about $1.45 bln).

"The State Committee for Development and Reform of China will establish a 100 billion yuan Russian-Chinese investment fund for regional development and cooperation with an initial capital of 10 billion yuan to promote cooperation between Northeast China and the Far East," the document said.

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