The Russia-China Investment Fund and the China-Eurasian Economic Cooperation Fund agree to jointly implement projects in Russia and China
Press release, 01.11.2017
Beijing, 01 November 2017 - The Russia-China Investment Fund (RCIF, founded by the Russian Direct Investment Fund and China Investment Corporation) and the China-Eurasian Economic Cooperation Fund (CEF) have agreed to strengthen cooperation to implement investment projects in Russia and China. The agreement was signed today by RCIF and CEF during the state visit of the Russian Prime Minister Dmitry Medvedev to China.
The agreement comprises joint search, analysis and development of projects in industrial, transport and energy infrastructure, as well as their sustainable development, to ensure the efficiency of the economies of the two countries. Investments are expected to be carried out according to the framework of the One Belt One Road initiative.
As the first step, the parties announce CEF will join a consortium of international investors comprising RDIF, RCIF and the leading Middle-Eastern funds. This consortium will acquire a 16.1% stake in the Eurasia Drilling Company (EDC).
Kirill Dmitriev, CEO of RDIF and Co-CEO of RCIF, noted:
“We are pleased to reach the agreement with the CEF to expand the network of key partners in China, which will enable us to implement bilateral projects. The collaboration of the RCIF, RDIF and CEF will open up additional opportunities for the companies of our respective countries and strengthen the integration processes of the Eurasian Economic Union and the Silk Road Economic Belt.”
Bing Hu, Co-CEO and President of RCIF, noted:
“RCIF is devoted to stimulate the bilateral investment and generate strong risk-adjusted return for investors, taking advantage of rapid development of economic cooperation and fast growing trade in Russia and China. The cooperation between RCIF and CEF will bring great synergies for both parties, given the two parties have many aspects in common but with respective advantages.”
Gang Lin, CEO of CEF, noted:
“As one of the important partners for RDIF and RCIF, China-Eurasian Economic Cooperation Fund seeks mutual benefit to jointly enhance practical cooperation between China and Russia and promote the connectivity and the implementation of bilateral projects.”
Russia-China Investment Fund (RCIF) is a joint fund established by the Russian Direct Investment Fund and China Investment Corporation (CIC). The activity of RCIF is aimed at development of bilateral economic, trade and investment relations between Russia and China. Further information can be found at www.rcif.com
China-Eurasian Economic Cooperation Fund (CEF) – CEF is an important equity investment vehicle for further realizing the strategic vision of the Belt and Road Initiative. The fund, with an initial size of USD 1 billion and an ultimate size target of USD 5 billion, is fully committed to promoting advance development and raise the level of cooperation in the region. For further information please refer to our website: www.china-eurasian-fund.com.
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Hayes / Elena Garside
Tel: +44 (0) 20 7796 4133
Russia-China Investment Fund
Tel.: +86 10 5762 9201
Fax: +86 10 57629111
Yury S. Trofimov
Russia-China Investment Fund
Tel.: +7 (495) 230-05-55 ext. 4243
Mob.: +7 (985) 765-13-12