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China’s Silk Road Fund (SRF) has signed a framework agreement to invest up to 20 billion yuan ($2.99 billion) in Indonesia’s sovereign wealth fund, the funds said on Monday.

The agreement allows for investment in all sectors open to foreigners in Indonesia, in particular those promoting economic connectivity between the countries, the Indonesia Investment Authority (INA) and the SRF said in a joint statement.

“We believe that investment in Indonesia and the region has high potential, especially when conducting it together with INA,” said Yanzhi Wang, the president of the SRF.

Unlike many other sovereign wealth funds, which manage excess oil revenues or foreign exchange reserves, the INA’s business model seeks to attract foreign co-investors to help fund economic development.