It is believed Chinese banks are most interested in telecoms and technology companies.

China will pledge a multi-billion dollar investment in Europe’s new infrastructure fund at a summit on June 29th in Brussels. The exact sum of the program that is being invested has not been decided.

Chinese Premier Li Keqiang will attend the summit in Brussels to agree with EU leaders in a $354.94 billion (315 billion euro) fund to “create opportunities for China to invest in the EU, in particular in infrastructure and innovation sectors”.

The chequebook diplomacy is an effort of Beijing to shape global economic governance as major EU nations decided to join the Asian Infrastructure Investment Bank (AIIB), defying Washington.

A diplomat of the EU reportedly said that China will likely invest “in the billions”.

“The purpose is to mobilise the liquidity in the market. We don’t differentiate among the owners of the funds,” said Alessandro Carano, an advisor to the European Commission which is managing the fund, “China is a big investor already. We don’t want any prejudice,” as he defended the decision to welcome the Chinese program.

China wants a quid pro quo with Europe, whereby European companies and governments would take greater interest in President Xi Jinping’s “One Belt, One Road” initiative.

“To my knowledge, China is still conducting research. Currently, we don’t have any details,” said Chinese Foreign Ministry spokesman Lu Kang on Monday.

“We are looking for ways to build up synergies between the One Belt, One Road initiative and the Juncker plan to invest in good products,” said China’s ambassador to the EU, Yang Yanyi describing the exercise like a “dating agency” to line up the right European projects with Chinese money.

“There is a strong political commitment, there is common ground for cooperation. China is in a position to invest.”

China intends to build a modern Silk Road Economic Belt including railways, highways, oil and gas pipelines, power grids, Internet networks, maritime and other infrastructure links all over Central, West and South Asia as far as Greece.

China had contacted the EU executive about the fund, said the European commission while denying to give further details at a Brussels news briefing. Senior EU officials have already met with Chinese banks and technology companies.

EU and Chinese officials have reportedly said that it is telecoms and technology projects that Chinese banks are mainly looking for.

The Commission is considering whether the EU could become collectively a member of the AIIB, since the bank is open to “economic entities” and not just states – a patched term to enable Taiwan to participate, but might create a loophole for Brussels. The program would require a capital contribution from the small EU external relations budget.

France, Germany, Italy and Poland have each agreed to contribute $9 billion (8 billion euros), while Spain and Luxembourg have agreed to contribute smaller sums.