A fund of 10 billion yuan ($1.6 billion) will be injected into construction of the Maritime Silk Road, according to a strategic co-operation frame agreement signed by the Fuzhou municipal government, the China-Africa Development Fund (CAD Fund) and the Fujian branch of China Development Bank, Xinhua Net reported on May 20.

The three parties signed the agreement during the 16th Cross-Straits Fair for Economy and Trade, which is held annually in Fuzhou, capital of Fujian province.

In order to facilitate one of the major development strategies of the Chinese government, the fund will operate under the most efficient market conditions to construct the Maritime Silk Road, said Yuan Jianliang, deputy president of the Fujian branch of China Development Bank.

Yang Yimin, mayor of Fuzhou, said that a transport network between Fuzhou and the Association of Southeast Asian Nations (ASEAN) countries will be built in the near future. Fuzhou will strengthen economic cooperation with ASEAN countries, including cooperation in construction of fish farms and industrial parks.

China Development Bank is playing an important role in supporting export trade and international cooperation. As statistics show, the bank’s loans have reached a total of 175.9 million yuan as of April.

The CAD Fund is functioning as a booster for comprehensive, specially-tailored financial services for more than 70 projects in African countries.

The new fund will exploit the advantages of three parties and boost construction of the Maritime Silk Road.