Jiangsu?province's?Finance Department and Commerce Department recently signed a memorandum of understanding with Jiangsu SOHO Holdings Group Co for the first phase of one billion yuan ($161 million) Jiangsu Belt and Road Initiative Investment Fund.

As an investment organization and a performance subject of state-owned assets authorized by Jiangsu provincial government, Jiangsu SOHO will raise 700 million yuan while the rest 300 million yuan will be funded by the Jiangsu provincial finance department.

The amount of the fund is expected to reach 3 billion yuan in 2015, 10 billion yuan in 2017 and 30 billion yuan in 2020. It has been approved by the provincial government to promote local enterprises' trade cooperation with countries along the Belt and Road routes. It will support unlisted enterprises with equity investment, also guide Jiangsu enterprises to speed up its efforts in expanding foreign investment and economic cooperation for the development of Belt and Road Initiative.