The Silk Road Fund and Kazakhstan's BAITEREK JSC signed a memorandum of understanding in Beijing on Monday.

Based on the memorandum, both parties will cooperate in priority areas such as industrial capacity and innovation of information technology under the China-Kazakhstan Production Capacity Cooperation Fund. Both sides will work through a variety of investment vehicles including debt and equity, by making use of various resources such as finance, information, laws and organization.

The Silk Road Fund was established in December 2014 as a medium- to long-term development and investment fund that follows the investment philosophy of mutual benefit, openness and inclusiveness. It conducts business based on market principles, international practice and professional standard to serve the Belt and Road Initiative.

Kazakhstan's BAITEREK JSC is responsible for managing state-owned financial assets in Kazakhstan and making financial investments in non-resource sectors.