The Fund for Development Cooperation between China and the Portuguese-speaking Countries, which has been based in Macau since Thursday, is analysing 20 projects submitted by entrepreneurs in Portugal, Timor-Leste (East timor) and Brazil who are seeking financing for their implementation.

The Fund, created in 2013 with a budget of US$1 billion, has already supported projects presented by business groups in Mozambique, Angola and Brazil in areas such as agriculture, energy and infrastructure.

The financial support provided for projects submitted to the fund is US$20 million per project but the institution’s managers have indicated they are open to considering increases in funding to be granted according to the size of the investment projects submitted.

The transfer of the headquarters of the Beijing fund to Macau was announced by Chinese Prime Minister Li Keqiang during the 5th Ministerial Summit of Forum Macau held in October 2016.

The Fund will be headquartered at the Business Support Centre of the Institute for Trade and Investment Promotion (IPIM) until the completion of the future Services Platform for Trade Cooperation between China and Portuguese-speaking Countries.

The six IPIM representation offices in the interior of China are also responsible for receiving projects that wish to apply for the fund.

The Fund managed by the China-Africa Development Fund, under the China Development Bank, currently has US$125 million, provided by the participating entities China Development Bank Capital Corporation Ltd. (US$75 million) and the Fund forIndustrial Development and Commercialization (FDIC) of Macau (US$50 million).

The purpose of the Fund for Development Cooperation between China and the Portuguese-speaking Countries is to provide consultancy services and secure financing for projects, as well as to provide support to enterprises in China and in the Portuguese-speaking countries. (macauhub)