The fund is dedicated to channeling investments into China’s key infrastructure in order to boost the country’s trade.
Former UK Prime Minister David Cameron has been approved by the Advisory Committee on Business Appointments (ACOBA), the watchdog that oversees business careers of former British Government ministers after their retirement, to lead a billion-dollar trade initiative.
The fund, which is being set up by Cameron’s close associate and key sponsor Lord Chadlington, seeks to improve ports, railways and roads between China and its major trade partners.
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This September, Cameron met with Chinese Vice-Premier and Finance Minister Ma Kai to lobby the Chinese government for the creation of the fund.
The spokesman for the former PM told the Times that Cameron “wishes to play a role in a new UK-China bilateral investment fund that will invest in innovative and sustainable growth opportunities in both the UK and China to create jobs and further boost trade links.”
“Having now received official advice from ACOBA, work is continuing on establishing the fund — including holding discussions with a number of financial institutions in the UK and China.”
“There is still a lot of work to do,” the spokesman added.
The deal is supported by the British Government, though no taxpayer money will be involved in its operations.
The establishment of the fund was announced as part of the broader UK Government’s business strategy to continue its lucrative relations with China which have been characterized as the “Golden Age.”
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On his visit to China to conclude a number of business deals, British Chancellor of the Exchequer Philip Hammond said that the “these successful talks are an example of global Britain at its best, demonstrating that we can work with our friends and partners across the world to support jobs, businesses and prosperity.”
“This is testament to our strong and dynamic economy, and the world-class talent and expertise we have to offer,” Hammond said.