SOEs, Moscow fund to help develop Russia's far east

The Far East Development Fund, a Moscow-mandated financial institution, is partnering with China's State-owned enterprises to create two joint investment funds to tap into the rich but still underdeveloped eastern part of Russia, according to the fund's chief.

The two funds, which are expected to be set up, would aim to provide financing for gold and copper mining, as well as infrastructure and real estate projects in Russia's far east region, said Alexei Chekunkov, chief executive officer of FEDF.

"We have tied up with China's State-owned companies in gold mining and construction, and we hope to sign the deals in May," he told China Daily during the Boao Forum for Asia in Hainan province last week.