Indonesia  Investment Authority (INA)  and China’s Belt and Road investment vehicle Silk Road Fund (SRF) have signed an agreement for joint investments in the South East Asian giant.

SRF intends to invest up to 20 billion Renminbi ($3 billion) or the equivalent amount in Indonesia under the Investment Framework Agreement, its President Yanzhi Wang said in a joint press statement.

The investment scope includes various asset classes and fund of funds, and targets business sectors open for foreign investment, particularly those that promote community development and economic connectivity between Indonesia and China.

Indonesia’s sovereign wealth fund plans to invest together with SRF, but is open to the possibility of inviting other investors, INA Chief Executive Officer Ridha Wirakusumah said in the statement.

(Writing by D Madhura; Editing by Anoop Menon)