Chinese fund for investment in Portuguese-speaking countries will be based in Macau

The headquarters of the US$1 billion fund for investment in Portuguese-speaking countries announced by China in 2013 will be transferred from Beijing to Macau to facilitate contact with potential interested parties, the President of the Fund said on Wednesday in Macau.

The information was provided to Portuguese news agency Lusa by the president of the Fund for Development Cooperation between China and the Portuguese-speaking Countries, Chi Jianxin, on the sidelines of the Conference of Financial Area Businesspeople and Officials that was part of the 5th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and the Portuguese-speaking Countries (Forum Macau), which ends on Wednesday.

Chi said the decision had already been made and now talks would begin with the Macau government on how to ensure the operation of the Fund and what kind of structure will work locally.

The President of the Fund for Development Cooperation between China and Portuguese-Speaking Countries said he hoped that the transfer of the headquarters to Macau would happen before the end of 2016.

The Fund for Development Cooperation between China and Portuguese-speaking Countries, with registered capital of US$1 billion, announced during the 4th Ministerial Conference of Forum Macau, is a joint initiative of the China Development Bank and the Macau Industrial and Commercial Development Fund (FDIC).

The operation and management of the Fund will be the responsibility of the China-Africa Development Fund, which is part of the China Development Bank. The first instalment of US$125 million was provided by the participants China Development Bank Capital Corporation Ltd. (US$75 million) and FDIC (US$50 million).

The Fund will focus on the investment and financing needs of Mainland China companies (including Macau) and those Portuguese-speaking countries, placing emphasis on supporting the entry of companies from Mainland China and Macau in the Portuguese-speaking markets and attracting companies from those countries to develop in China. (macauhub)

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