Clifford Chance and King & Wood Mallesons have advised the Industrial and Commercial Bank of China (ICBC) on the establishment of a European investment fund focused on projects in Central and Eastern Europe (CEE).

The fund is part of China's initiative to develop modern silk road called 'One Belt, One Road’, enabling the development of infrastructure, high-tech manufacturing and consumer goods industries in CEE countries, bolstering economic ties with Chinese and the European markets.

The size of the fund is anticipated to reach 10 billion euros ($11 billion) with the investors comprising CEE governments, as well as Asian institutional investors. 

Clifford Chance’s China co-managing partner Tim Wang and partner Ying White led the team, along with European partners Paul van den Abeele, Joëlle Hauser, Frank Scholderer and Simon Crown.