Canaccord, China exim bank plan $1 billion energy fund

Thu Feb 9, 2012 7:08am EST
 
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(Reuters) - Canaccord Financial (CF.TO: Quote) said it plans to set up a $1 billion fund with the Import Export Bank of China (Eximbank) to invest in energy companies or projects in Canada.

The Canada-China Natural Resource Fund, which will focus on public and private natural resources, plans to raise money from investors in China and abroad.

The fund will also invest in companies that are listed or have the potential to list on Canadian stock exchanges, Canaccord said in a statement.

"The Canada-China Natural Resource Fund demonstrates the importance of Canadian financial markets in the development of resource companies and the continued expansion of Chinese participation in natural resource projects around the world," said Canaccord Financial Chief Executive Paul Reynolds.

Reynolds signed a memorandum of understanding with Zhu Xinqiang, vice president of Eximbank.

(Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Don Sebastian)