LONDON: Britain said on Monday it would welcome investment by China’s $400 billion sovereign wealth fund in infrastructure projects, saying it would represent a “very significant boost” to the ailing economy.

Ministers are expected to detail a £30 billion ($46.7 billion) programme of investment in roads, railways and high-speed broadband on Tuesday as part of a package of measures to try to boost stalled growth.

Chief Secretary to the Treasury Danny Alexander said on Monday that £20 billion of this would come from private investment from pension funds.

He welcomed the prospect of foreign investment as well, after the head of China Investment Corporation (CIC) said that Beijing saw an opportunity to invest in US and European infrastructure projects.

“Sovereign wealth funds like the Chinese are potentially an important source of new private investment in our country’s infrastructure,” Alexander told Sky News television.—AFP