China’s Silk Road Fund and GE Energy Financial Services to jointly invest in energy infrastructure in Eurasian countries along the Belt and Road.
The Silk Road Fund and GE Energy Financial Services signed an agreement in Beijing during President Donald Trump’s three-day visit to the Chinese capital, which started on Wednesday (8 November).
“The partnership will strengthen bilateral trade between China and the US and foster collaboration in advanced manufacturing,” according to a statement from the Beijing-based fund today. “Secondly, it will allow us to better leverage our strengths in investing in related countries.”
The pact marks the first time the state-owned investment fund has joined hands with a US corporate to invest in infrastructure.
Established with USD 40bn capital in 2014, the Silk Road Fund owns a stake in China Three Gorges South Asia Investment, which focuses on clean energy projects in Pakistan. It has also invested in Autostrade per Italia, Russian petrochemical company Sibur and the Yamal LNG project. Earlier this year, the fund’s capital was increased by a further RMB 100bn, as previously reported.
China and the US have signed USD 250bn worth of business deals during Trump’s visit to China, according to Chinese state media.