Sino-Portuguese fund formally launched in Macao

The Cooperation and Development Fund between China and Portuguese-speaking Countries, proposed by the Chinese government and jointly undertaken by the China Development Bank and the Industrial and Commercial Bank of China (Macao), has been formally inaugurated, according to information released by Macao government Thursday. The Sino-Portuguese fund amounts to 1 billion U.S. dollars, with initial capital jointly provided by founding investors China Development Bank Capital Corp and the Industrial and Commercial Development Fund of Macao. The fund's initial capital stands at 125 million U.S. dollars, with 50 million U.S. dollars coming from the Industrial and Commercial Development Fund of Macao. The fund, which was established Wednesday, will focus on the investment and financing needs of enterprises in the Chinese mainland and Portuguese-speaking countries, including those in Macao. The fund's target industries include infrastructure, transport, telecommunication, energy, agriculture and natural resources, with the major goal of boosting economic cooperation and bilateral investments between China and Portuguese-speaking countries. In 2012, the total value of bilateral import and export between China and Portuguese-speaking countries hit 128.5 billion U.S. dollars, up by 9.6 percent year-on-year. The establishment of the Sino-Portuguese fund is believed to further enhance the scope of economic cooperation between China and Portuguese-speaking countries. The fund will be run and managed by the China-Africa Development Fund under the China Development Bank.