RDIF and CIC to launch Russia-China Technology Investment Fund
Saint-Petersburg, September 17, 2019 - The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund), and China Investment Corporation (CIC) announce the agreement of the key terms to establish the Russia-China Technology Investment Fund with a target capital of $1 bn. The agreement was signed today in the presence of the Russian Prime Minister, Dmitry Medvedev and the Chinese Prime Minister, Li Keqiang.
The Russia-China Technology Investment Fund is intended to support projects aimed at the development of advanced technologies in core sectors of the Russian and Chinese economies, where each partner will provide investments on a matching basis. One of the key focus investment areas for the fund will be the development of high technologies including artificial intelligence.
This is the second joint investment fund between the parties: in 2012 RDIF and CIC established the Russia-China Investment Fund (RCIF), which today has over $7 bn of investment with partners in more than 35 projects. Since its creation, RCIF has become a key link in developing cooperative investments between Russia and China.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“We join forces with our colleagues from CIC to support companies producing products and solutions in advanced technologies and ensure innovative breakthroughs for our countries. Through the Russia-China Technology Investment Fund we will demonstrate the case for strengthening the partnership between the two countries, with innovations that will support economic relations more widely.”
Ju Weimin, Vice Chairman and President of China Investment Corporation, said:
“We are keen to work with RDIF to explore the cross-border technology investment opportunities in our countries. The Russia-China Technology Investment Fund could tap into the great potential of the technological cooperation between the countries, and through our investments, we hope to benefit the people of our countries while promoting global technological progress.”
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB1.5 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at www.rdif.ru
China Investment Corporation (CIC) was founded on September 29, 2007, as a wholly state-owned company incorporated in accordance with China’s Company Law. CIC was established as a vehicle to diversify China's foreign exchange holdings and seek maximum returns for its shareholder within acceptable risk tolerance. As a long-term financial investor, CIC invests on a commercial basis. Additional information is available at www.china-inv.cn
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133