MOSCOW (Oct 17): The Russian Direct Investment Fund (RDIF) on Tuesday announced the creation of a civil aviation industry development fund totalling 100 billion roubles (US$1 billion or RM4.86 billion) together with its Chinese partners at the Third Belt and Road Forum in Beijing, reported Sputnik.

"The RDIF announces the creation of a civil aviation industry development fund worth 100 billion roubles together with partners from China to invest in aviation enterprises and projects in the two countries. Investments in projects in Russia and China will be made in national currencies," the RDIF said in a statement.

The fund will also invest in aerospace projects, digital and energy-efficient technologies and big data. Investments in projects in Russia and China will be made in equal amounts, the statement read.

"Thanks to the aviation industry development fund, Russian and Chinese companies will be able to attract necessary investments to expand existing production facilities, and design new types of aviation transport and develop breakthrough technologies. Besides, the fund's investments will help increase the supply of Russian civil aviation products to the Chinese market," RDIF chief executive officer Kirill Dmitriev was quoted as saying in the statement.

The RDIF, as part of investment cooperation with China, has already implemented more than 40 projects worth over 750 billion roubles, according to the statement.