Russia, China Discussing About 70 Investment Projects Worth $107Bln - RDIF

Sputnik, 10.12.2020

MOSCOW, December 10 (Sputnik) - The Russian-Chinese Intergovernmental Commission for Investment Cooperation is currently considering about 70 investment projects with a total value of $107 billion, the Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, said on Wednesday.

According to the fund's press statement, representatives from RDIF and the Russia-China Investment Fund (RCIF), a private equity fund established by RDIF and China Investment Corporation (CIC), recently participated in the seventh meeting of the commission, which took place in a video-conference format. The Russian delegation was headed by First Deputy Prime Minister Andrey Belousov, while the Chinese delegation was led by Vice Premier Han Zheng.

"Over the course of the meeting, the Commission members discussed the investment, trade and economic cooperation. The Commission and the Russian-Chinese Business Advisory Committee ... are currently considering approximately 70 projects for a total value of $107bn.," the statement said.

RDIF and RCIF have already invested more than $500 million in a number of projects of the intergovernmental commission, and taking into account the investments attracted from international partners. The total amount of investments could reach $6 billion.

"The investment cooperation between Russia and China is actively developing in several key areas. In particular, in July 2020, a $1bn Russia-China Technology Investment Fund was launched, which is already studying more than 10 projects worth $150m. Also in 2020, we successfully completed the creation of a joint $1bn Russia-China Greater Bay Area Fund alongside Guangdong Utrust Investment Holdings. Not only are we proactively developing the bilateral economic relations, but we are also cooperating in the fight against the main challenge to humanity at the moment – COVID-19," RDIF CEO Kirill Dmitriev said as quoted in the press release.

Since the creation of the commission, RDIF and CIC have played a leading role as coordinators for the analysis, structuring and implementation of joint projects, thereby becoming a key party in the development of economic and financial relations between Russia and China.