China rolls out Sh1.12tn fund for Cen­tral, East­ern Europe

The Star (Kenya) - - News Business -

China has set up a 10 bil­lion euro (about Sh1.12 tril­lion) in­vest­ment fund to fi­nance projects in Cen­tral and East­ern Europe, In­dus­trial and Com­mer­cial Bank of China said in a state­ment yes­ter­day. The China-Cen­tral East­ern Europe fund will be run by Sino-CEE Fi­nan­cial Hold­ings, a com­pany es­tab­lished by the bank ear­lier this year, and which was for­mally launched by Premier Li Ke­qiang dur­ing his visit to Riga on Satur­day. The fund aims to raise 50 bil­lion euros for sec­tors such as in­fra­struc­ture, high-tech man­u­fac­tur­ing and con­sumer goods, the bank said. While tar­get­ing Cen­tral and East­ern Europe, it could ex­tend to the rest of Europe and other re­gions if rel­e­vant to China-Cen­tral and East­ern Europe co-op­er­a­tion, it said. The fund will be govern­ment-backed, but will op­er­ate un­der busi­ness prin­ci­ples and be guided by the mar­ket.

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