Clifford Chance is advising the Industrial and Commercial Bank of China (ICBC) on the establishment of a European investment fund that is focused on projects in Central and Eastern Europe (CEE). The fund is part of China's major initiative to develop a modern silk road – 'One Belt One Road', and was formally announced at the China and CEE Countries Summit in Riga, Latvia on 5 November 2016.

The fund will focus on developing the infrastructure, high-tech manufacturing and consumer goods industries in the CEE countries with the intention of promoting more economic interaction between the Chinese and the European markets. The size of the fund is expected to reach €10 billion and expected investors include governmental investors from of CEE countries, as well as Asian institutional investors.

China Co-Managing Partner Tim Wang and partner Ying White are leading on the matter, with extensive involvement from European partners Paul van den Abeele, Joëlle Hauser, Frank Scholderer and Simon Crown, counsel Augustin de Longeaux, Hong Kong partner Mark Shipman and consultant Helen Fok, as well as US tax partner Avrohom Gelber and senior associate Rebecca Pereira. The Prague, Warsaw and Munich offices are also involved. 

"This project is an excellent example of what we do best: one team providing clients with deep local knowledge across jurisdictions on the full range of regulatory and legal issues," partner Ying White said. "This is one of many One Belt One Road initiatives the Firm is pleased to be involved with."