China has established a holding company, Sino-CEEF, which is intended to become a new platform for economic cooperation between this country and the states of Central and Eastern Europe, Xinhua News reports.
On China’s part, a founding shareholder and the main investor is the country’s largest credit institution – Industrial & Commercial Bank of China, ICBC. The new company will establish Sino-CEEF fund, which will focus on cooperation in investing in such areas, as infrastructure, hi-tech production and mass consumption.
A number of countries, companies and financial institutions of Central and Eastern Europe showed their interest in capital injection in the Fund. A total amount of the Fund is expected to reach 10 billion euro.
As a reference, trade and economic ties between China and Area Central and East Europe have deepened recently.