(Yicai Global) June 6 -- The Russian Direct Investment Fund and China's largest sovereign wealth fund have agreed to invest USD1 billion to set up the China-Russia Science and Technology Innovation Fund, Sputnik News reported today. 

Russia's economic development ministry and China's science ministry have signed relevant documents and respective Presidents Putin and Xi attended the ceremony.

The RDIF and China Investment Cooperation will invest USD500 million each with the aim of supporting new technology development projects in key areas of the Russian and Chinese economies.

Set up by the Russian government in 2011 with reserved capital of USD10 billion, the RDIF previously joined up with CIC in 2012 to jointly invest USD1 billion in the Russia-China Investment Fund. The fund and its partners have invested more than USD7 billion in over 30 projects to date.