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15 October 2019
BUSINESS

Kuwait invests $200 million into China’s high-speed rail network

The Kuwait sovereign wealth fund contributed $200 million to a CYN 2.4 billion ($337 million) high-speed rail investment fund organised by China International Capital Corporation (CICC).

SHUTTERSTOCK/ARLO MAGICMAN


Kuwait Investment Authority (KIA) has invested $200 million into China’s high-speed rail investment fund, becoming the first foreign investor in the state-of-the-art rail network, as China is considering bringing in more private investment into a system whose construction has cost billions of dollars, reported local daily, Arab Times.

KIA will invest in a 300 km (186 miles) line connecting Jinan and Qingdao, two major cities in East China’s Shandong province and the fund will get a 7.16 per cent stake in the rail line in exchange for the investment.

The investment marks the second for CICC in China’s high-speed rail network, following an earlier one in the line connecting the coastal cities of Shanghai and Hangzhou.

Beijing has been encouraging outside investment in such projects in a bid to relieve the debt burden on the state-owned operator of the high-speed rail network. 


RELATED STORIES: CHINA INTERNATIONAL CAPITAL CORPORATION KUWAIT INVESTMENT AUTHORITY

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