FUZHOU - 10 billion yuan ($1.6 billion) will be used to support projects related to China's maritime Silk Road development, according to relevant parties on Monday.

The city government of Fuzhou, capital of East China's Fujian province, signed an agreement with the China Africa Development Fund (CAD Fund) and the Fujian branch of the China Development Bank to jointly set up a fund.

Yuan Jianliang, governor of the bank's Fujian branch, said the three parties will support projects that will boost Fuzhou's role as a hub of the Silk Road.

A 21st century maritime Silk Road was proposed by Chinese President Xi Jinping during his visit to Indonesia last October. Since ancient times, the sea route from ports in Fujian to overseas markets has witnessed China's silk, ceramics and tea traded to the world.

Yang Yimin, mayor of Fuzhou, said the city will facilitate the building of a transport network and step up cooperation with Southeast Asian countries.

He said the fund will support such projects as setting up marine aquaculture farms and industrial parks in southeast Asian countries.

The CAD Fund is a private equity fund that is committed to bridging and connecting China and Africa, as well as governments and companies. It is specialized in operating funds on cross-country cooperation projects.

The fund agreement was signed at the ongoing 16th Cross-Straits Fair for Economy and Trade in Fuzhou. The fair sponsored by the China General Administration of Customs and the Taiwan Affairs Office of the State Council themed this year's event as the maritime Silk Road development.