RDIF, CIC providing $1 bln, new investors up to $2 bln additional funding for RCIF

Interfax, 01.01.1970

MOSCOW. July 4 (Interfax) - The Russian Direct Investment Fund (RDIF) and China Investment Corporation (CIC) will provide additional finding for the Russia-China Investment Fund (RCIF).

The agreement was signed by the heads of the RDIF and CIC in the presence of Russian President Vladimir Putin and Chinese President Xi Jinping during talks in Moscow on Tuesday.

"In accordance with the agreement, capital under the RCIF's management is to be increased by $1 billion through proportional contributions of RDIF and CIC. An additional amount of up to $2 billion can be provided by new investors," the RDIF said in a press release.

RCIF's investment activities are aimed at developing the bilateral economic, trade and investment relations between Russia and China. Since its foundation in 2012, the Fund has committed 19 investments worth $1 billion in wood processing, transport infrastructure as well as the financial, technological and consumer sectors. Joint investments of RCIF and its partners amount to $5 billion.

"The RCIF activities prove conclusively that a successful project implementation ensures attractive profitability and facilitates the development of companies and regions, including the Far East," said Kirill Dmitriev, the CEO of the RDIF.