China’s Silk Road Fund is looking for investment projects in Europe. The fund, which provides financing for China’s “One Belt, One Road” initiative, is seeking investment opportunities with a unit of the European Investment Bank (EIB), the European lender’s Vice President Jonathan Taylor said. “Cooperation between the European Investment Fund (EIF), a subsidiary of the EIB, and the Silk Road Fund are under discussion,” Taylor said at the start of a five-day trip to China. “Discussions between the EIF and the Silk Road Fund are centering on investment in Europe.” China pledged to contribute USD40 billion to set up the Silk Road Fund three years ago. The capital came from the country’s foreign exchange reserves, the China Investment Corp (CIC), which manages the sovereign wealth fund, the Export-Import Bank of China, and the China Development Bank (CDB). The fund has cooperation agreements with lenders in European countries such as France and Russia. China launched the “One Belt, One Road” initiative in 2013 to extend its influence in 60 counties, stretching through South-east and West Asia to the Middle East and central Europe. Beijing will hold a high-level summit on the initiative in the middle of May and leaders from over 20 countries have agreed to attend. The EIB invested €298 million in China to support climate-related projects last year, and is aiming to invest €500 million in the country this year, including on urban transport, forestry and energy efficiency, the South China Morning Post reports.