CMC signs up to fund projects in Russia

China Merchants Capital and Russia's Vnesheconombank signed a memorandum of understanding on Tuesday with a view to financing joint projects and creating high-tech and innovation funds.

The parties are considering setting up to invest in a fund in Russian companies, including those focused on exports.

"Russia is an important participant in the Belt and Road Initiative and the signing of the MoU between VEB and CMC is undoubtedly fostering strategic cooperation and alignment between Chinese and Russian economies," said Anthony Yang, general manager of CMC SINO-BLR Fund.