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Fortis expands links with China

Fortis, the Belgian-Dutch bank, has announced that its China-Belgium Direct Equity Investment Fund has been approved by China’s State Development and Reform Commission.


The articles of association were signed in Brussels with both the Chinese Prime Minister, Mr Wen Jiabao, and the Belgian Premier, Mr Guy Verhofstadt, present.

The aim of the fund is to support Chinese-registered small and medium sized businesses with a turnover of up to 50 million euro by way of minority stakes and with a commitment to remain invested for a period of three to seven years. Some 15% of the fund will be reserved for Belgium-related projects. The fund has so far raised capital of 37 million euro and aims to attract additional investors within the total maximum level of 100 million euro.

 

Reported by
FIT
13 May 2004

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