BEIJING - China Investment Corporation, the country's sovereign wealth fund, said Tuesday it had signed a memorandum with Russian Direct Investment Fund over the official launching and basic principles of the China-Russia Investment Fund.

The latest progress came after the CIC and RDIF signed a memorandum last year to create the joint fund in an effort to boost economic cooperation between the two countries.

The fund will have a target capital of $2 billion to $4 billion, with the CIC and RDIF each contributing 1 billion and the remaining from third-party investors.

According to information from RDIF, no less than 70 percent of the funds will be invested in commercial projects in Russia and other Commonwealth of Independent States, while no more than 30 percent will be put into Chinese projects related to Russia.