The Cooperation and Development Fund between China and Portuguese-speaking Countries, which is proposed by the Chinese government and jointly undertaken by the China Development Bank and the Industrial and Commercial Bank of China (Macao), was formally inaugurated on 26 June 2013. The Sino-Portuguese fund amounts to one billion US dollars, with initial capital jointly provided by founding investors China Development Bank Capital Corp and the Industrial and Commercial Development Fund of Macao. The fund's initial capital stands at 125 million US dollars, with 50 million US dollars coming from the Industrial and Commercial Development Fund of Macao. The fund will focus on the investment and financing needs of enterprises in mainland China and Portuguese-speaking countries, including those in Macao. In particular, it will support mainland China and Macao enterprises to branch out into Portuguese-speaking countries, and help enterprises in Lusophone countries to break into the Chinese market. The fund's target industries include infrastructure, transport, telecommunication, energy, agriculture and natural resources, with the major goal of boosting economic cooperation and bilateral investments between China and Portuguese-speaking countries. Thanks to Macao's role as a platform between China and Portuguese-speaking countries, bilateral trade between the two parties has increased steadily. In 2012, the total value of bilateral import and export between the two sides hit 128.5 billion US dollars, a year-on-year rise of 9.6 percent. In the same year, bilateral trade between Macao and Portuguese-speaking countries was valued at 523 million patacas. The establishment of the Sino-Portuguese fund is believed to further enhance the scope of economic cooperation between China and Lusophone countries. The fund is run and managed by the China-Africa Development Fund under the China Development Bank.
