MINSK, May 14 (Xinhua) -- The Chinese company CITIC Construction and the largest Belarusian bank Belarusbank have created a Chinese-Belarusian investment fund.

Belarusian President Alexander Lukashenko signed a decree on the creation of the fund, the presidential press service said on Monday.

The statutory fund will be formed in the amount of 1 million U.S. dollars. The founders are CITIC Construction (60 percent) and Belarusbank (40 percent).

The fund will invest in Belarusian enterprises in exchange for their shares or bonds. The fund will attract money for investment in the Belarusian economy in foreign and domestic markets through the placement of shares and bonds of its own issue.

It is planned that projects worth 50 million U.S. dollars will be implemented in the next 2 years.

The foundation is created for a period of 10 years. To ensure the flow of capital to Belarus and the creation of attractive financing conditions, the decree provides for a number of tax privileges and preferences in the areas of currency regulation and circulation of securities.