China has established an insurance investment fund to finance domestic strategic projects and outbound investment under the country's Road and Belt Initiative, the insurance regulator said.

The insurance fund raised 40 billion yuan ($6.14 billion) in the initial round and it will invest in overseas energy projects in Asia, Europe and Africa, according to report by Xinhua on Tuesday.

Shareholders of the fund are 27 insurance firms, 15 insurance asset management firms and four private firms.

The State Council, China's cabinet, approved the establishment of the fund in July. The total value of the fund is expected to be around 300 billion yuan ($46 billion).