CIC to Invest in Russian Fund

(Beijing) -- China's sovereign wealth fund, China Investment Corp., has agreed to invest US$ 1 billion in Russia's newly-created Russian Direct Investment Fund to finance mainly projects in the Russian economy.

The two parties signed an agreement during Russian Prime Minister Vladimir Putin's two-day visit to China on October 11. The money will be used, together with another US$ 1 billion from the RDIF to set up a joint Russia-China Investment Fund, in a bid to channel Chinese investment in Russian projects.