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