China has set up a 10 billion euro ($11.15 billion) investment fund to finance projects in Central and Eastern Europe, Industrial and Commercial Bank of China said in a statement issued on Sunday, according to Reuters. The China-Central Eastern Europe fund will be run by Sino-CEE Financial Holdings Ltd, a company established by the bank earlier this year. The company was formally launched by Premier Li Keqiang during his visit to Riga on Saturday. The fund is aiming to raise 50 billion euros in project finance for sectors such as infrastructure, high-tech manufacturing and consumer goods, the bank said. While targetting Central and Eastern Europe, it could extend to the rest of Europe and other regions if relevant to China-Central and Eastern Europe co-operation, it said.