The investment fund founded by Russia and China (RCIF) will receive backing from the Saudi sovereign wealth fund (PIF) with a $500 million contribution, a statement by the Russian Direct Investment Fund (RDIF) said on Thursday.
"The agreement sets out that PIF will contribute $500 million to RCIF. Thus, RCIF will have a total of $2.5 billion of capital under management (of which RDIF and China Investment Corporation contributed $1 billion each). The agreement creates a trilateral Russian-Chinese-Saudi investment fund," the statement read.
