WARSAW: Export-Import Bank of China has earmarked $1 billion for further investments in central and eastern Europe after it spent ahead of schedule the $500 million it put aside earlier this year, it said on Friday.

The Chinese lender operates in the region via its China CEE Investment Cooperation Fund, advised by CEE Equity Partners.

The fund planned to spend the earlier $500 million in 2-3 years, mostly in companies from the energy, telecoms, infrastructure, and specialised industry sectors. It deemed itself a long-term investor aiming at an 18-20 percent rate of return.

Now it wants to go beyond these sectors and invest in every country from its group of 16 central and eastern European states.

The Export-Import Bank of China established the China-CEE Fund in partnership with state-backed financial institutions from eastern and central Europe to capitalise on investment opportunities in the region.

Copyright Reuters, 2014