As a middle to long-term development fund primarily managed by China, the fund was set up as announced by the Chinese Premier Li Keqiang at the China-Brazil Business Summit held in May 2015. With the total size of USD 30 billion (10 billion in the first phase), the fund is jointly funded by China’s State Administration of Foreign Exchange and CDB (CDBC) to support China-Latin America cooperation in production capacity and equipment manufacturing, with investment made primarily in manufacturing, high technology, agriculture, energy and minerals, infrastructure, and financial cooperation in Latin America.