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China launches fund for LatAm industrial cooperation

Updated: Sep 2,2015 7:44 AM     Xinhua

BEIJING — China has established a fund of $10 billion to support the country’s industrial cooperation with Latin America, the central bank announced on Sept 1.

Initiated by the People’s Bank of China (PBOC), the central bank, the State Administration of Foreign Exchange, and the China Development Bank (CDB), the fund will provide medium- and long-term financing to major projects, the PBOC said in a statement.

The CDB and China’s foreign reserves raised $10 billion to set up the Sino-Latin American Production Capacity Cooperation Investment Fund Co. Ltd.

To pursue mutual benefits, the company will invest in medium- and long-term projects in the fields of manufacturing, new and high technology, agriculture, energy, infrastructure and finance in Latin America.

“The fund is willing to work with both domestic and overseas institutions to push forward the upgrading of Sino-Latin American cooperation,” the statement said.