VLADIVOSTOK, September 1. /TASS/. The Russian Direct Investment Fund (RDIF) will create a joint program with the China’s largest private direct investment fund Inventis Investment Holdings. Investments of RDIF and Inventis into joint projects will be up to $500 mln, RDIF Chief Executive Officer Kirill Dmitriev said on Thursday.

"RDIF will create a new joint fund with the major private fund Inventis Investment Holdings. It is the large private fund of the Asian region and we will together invest $500 mln into joint projects," Dmitriev said.

The relevant agreement will be signed on September 2 at the Eastern Economic Forum, he said.

The joint fund will focus on the food industry and agriculture, as well as on consumer sector, retail trade, processing, light industry, tourism and transport, Dmitriev said.

Commenting on the joint Russian-Turkish fund he said it may start first investments already in 2017.

"The joint investments of the Russian-Turkish fund may begin next year already," he told reporters.

Plans for privatization

According to Dmitriev, the fund and its partners expects to participate in privatization of Bashneft.

"We are interested in all Russian assets that are being privatized. We will continue to play an active role in this, involving leading long-term investors. We have already confirmed interest in Bashneft, and when the privatization begins we plan to participate in it," Dmitriev said.

Dmitriev said that the Fund "looks" at all possibilities of privatization of Russian companies by the same model as Alrosa’s SPO.

On August 16, Russian Prime Minister Dmitry Medvedev postponed privatization of oil producer Bashneft. Economic Development Minister Alexei Ulyukayev said earlier that the Russian government intended to sell 50.08% of Bashneft shares before the end of 2016.