Everbright Bank Is Said in Talks to Back $20 Billion #Saudi Fund - Bloomberg

Everbright Bank Is Said in Talks to Back $20 Billion Saudi Fund - Bloomberg:

Everbright Bank Co., the Beijing-based lender, is among parties in talks to contribute capital to a joint investment fund being set up by China and Saudi Arabia that’s targeting as much as $20 billion, people with knowledge of the matter said. 


China’s state-owned Silk Road Fund is separately discussing participating in the investment vehicle, the people said, asking not to be identified because the information is private. The Gulf kingdom’s Saudi Industrial Development Fund is also backing the pool of capital, according to the people.

The joint fund will be used to invest in strategic projects in the two countries, one of the people said. It may first raise a smaller amount in the range of around $14 billion to $16 billion, though the exact size and investors are still being determined, the people said.