Russian Direct Investment Fund Plans to Attract About $20Bln From China – CEO

Sputnik, 08.06.2018

BEIJING, June 8 (Sputnik) - The Russian Direct Investment Fund (RDIF) plans to attract about $20 billion in the Chinese investments into the Russian economy over the next five years, RDIF CEO Kirill Dmitriev said on Friday.

Russian President Vladimir Putin, accompanied by a delegation of Russian officials, is currently on a state visit to China.

"The partnership, which the RDIF established with China's sovereign wealth fund, the China Development Bank, Asian Infrastructure Investment Bank, we believe, will help to attract about $20 billion to the Russian economy in the coming five years, which will, in fact, double China's previous direct investment," Dmitriev said.

The RDIF CEO noted that his fund might become the key entity for attracting new financial resources in compliance with Putin's May order calling for an increase in the volume of investment in Russian fixed capital by at least 27 percent of GDP.

Earlier on Friday, the Russian-Chinese investment fund, China's Suiyong Holding Limited investment company and China's Dazheng Investment Group announced the establishment of a regional fund in China's renminbi (RMB). The fund's fixed capital totals 5 billion RMB ($780 million). It is expected to allocate money for the implementation of projects in the fields of processing of natural resources, financial services, industrial production, and health care in Russia and China.