The Japan Bank for International Cooperation (JBIC) announced on Sept. 8 that it has jointly created a fund with the Russian Direct Investment Fund (RDIF), which is managed by the Russian government. The new fund will invest in the fields of bilateral economic cooperation between Japan and Russia, including medicine, urban development, and infrastructure development. Investment will be concentrated in the Russian Far East. The two organizations will equally contribute as much as $1 billion each. The fund will finance economic cooperation requested by Russia.