The Russian Direct Investment Fund (RDIF), the Russia-China Investment Fund (RCIF) and the investment fund of China's Guangdong province have agreed on key conditions for creating a joint Russian-Chinese Greater Bay Area Fund with a volume of $1 billion, the RDIF said on Tuesday.
"The RDIF, the RCIF and multi-specialty investment company Guangdong Utrust Investment Holdings announce that they have coordinated the key conditions for creating a joint Russian-Chinese Greater Bay Area Fund with a volume of $1 billion," the RDIF said in a statement.
Guangdong accounts for the biggest share of China's GDP.
The documents were signed on Tuesday on the sidelines of the sixth annual meeting of the Russian-Chinese intergovernmental commission on investment cooperation in Beijing.