Fund uses insurance money for infrastructure
Print Edition
A fund that mobilizes insurance company funds for infrastructure has been set up with an initial pool of 40 billion yuan (US$6.1 billion).
The fund will be managed by the China Insurance Investment Co, newly established with 1.2 billion yuan of registered capital and 46 corporate shareholders, including 27 insurers, 15 insurance asset-management firms and four private companies, the China Insurance Regulatory Commission said yesterday.
The fund will help China Merchants Steam Navigation Co with overseas port projects as its first investment. It will also fund liquefied natural gas projects with Russia.
The fund was approved by the State Council in July and is set to reach 300 billion yuan.
It aims to finance housing renovations, urban infrastructure, water conservation and the Belt and Road initiative. It can invest in emerging sectors, logistics, health care, IT, environmental protection, small and medium enterprises.
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