BEIJING -- A fund that mobilizes insurance company funds for infrastructure has been set up with an initial pool of 40 billion yuan ($6.15 billion), China's insurance watchdog said on Monday.

The fund will be managed by the China Insurance Investment Company Ltd., newly established with 1.2 billion yuan of registered capital and 46 corporate shareholders, including 27 insurers, 15 insurance assets management firms and four private companies, according to the China Insurance Regulatory Commission.

In its first investments, the fund will help China Merchants Steam Navigation Company with overseas port projects. It will also support liquefied natural gas projects with Russia.

The fund was approved by the State Council in July and is expected to ultimately reach 300 billion yuan. It is designed to facilitate strategic projects such as housing renovations, urban infrastructure, water conservation and the Belt and Road Initiative. It can also invest in emerging industries, logistics, healthcare, information technology, environmental protection, small and medium-sized enterprises.

The Belt and Road Initiative, a reference to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aims to revive the ancient trade route between Asia and Europe.