China launches $11 billion fund for Central, Eastern Europe

China has set up a 10 billion euro ($11.15 billion)investment fund to finance projects in Central and Eastern Europe, Industrial and Commercial Bank of China said in a statement issued on Sunday. The China-Central Eastern Europe fund, announced by Premier Li Keqiang during his visit to Riga on Saturday, will be run by Sino-CEE Financial Holdings Ltd, a company established by the bank earlier this year. While targeting Central and Eastern Europe, it could extend to the rest of Europe and other re