A provincial-level investment foundation and a local government-like organization have agreed to set up a fund to finance the operation of the Industrial Park of Hui Culture in Huangshan city, Anhui province.

Under an agreement signed on Thursday, the Huangshan Hui Cultural Fund is to be established with a preliminary investment of 75 million yuan ($12.3 million), of which 67 percent will be raised by the Cultural Investment Foundation of Anhui Province and the rest by the Administration Committee of Huangshan Economic Development Zone.

The fund is intended to help run the Industrial Park of Hui Culture, an agglomerate based in the economic development zone, which plans to double its output value to 400 million yuan this year.

(english.anhuinews.com)