Hungarian Export-Import Bank Plc will subscribe to 100 million euros ($119 million) of Sino-CEE Fund on accumulative basis, according to a subscription agreement signed by the two parties on Tuesday in Budapest, Hungary.

Aiming to raise a total of 10 billion euros, Sino-CEE Fund is actively pushing forward the investment cooperation between China and Central and Eastern European Countries. Its investments into Hungary are expected to exceed 300 million euros.

The subscription by Hungarian Eximbank on behalf of Hungarian government to Sino-CEE Fund is a major step forward taken by Hungary in response to the call for enhanced cooperation between China and CEE countries.

The fund was officially inaugurated during the 5th Summit of China and Central and Eastern European Countries held in November 2016 in Riga, Latvia.

It will build partnerships with governments, enterprises, and financial institutions to promote capacity cooperation and industrial cooperation between China and CEE countries.