CIC, RDIF Float Investment Fund

China’s sovereign wealth fundChina Investment Corp.(CIC) andRussian Direct Investment Fund(RDIF) have set up a Russia-China investment fund. The RDIF and CIC will also contribute $1 billion each to the new fund, launched to make equity investments mainly in the Russian economy. The partners may also raise as much as $2 billion from third-party investors for the vehicle.

Russian state development bankVnesheconomwill be a strategic partner to the fund, which invests will invest mostly in Russian projects and will operate commercially. The fund is scheduled to be set up formally on December 31 and start operations in the first quarter of 2012.

Click here for the release fromPR Newswire.