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Russia, China Agree to Invest $10 Billion in Infrastructure Firm

State technology conglomerate Rostec and China's largest engineering firm, Sinomach, have come to a preliminary agreement to invest $10 billion for the creation of a company specializing in infrastructure projects, Rostec said Friday in an emailed statement.

Rostec CEO Sergei Chemezov said collaboration between the two corporations would pave the way for the creation of a "global technological partnership" that will see through complex projects in Russia, Africa, South America and elsewhere.

Chemezov said that a working group be set up to determine the new company's operations, and which projects in particular the investment will be devoted to.

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