In November 2014, Xi Jinping announced a US$40 billion development fund, which would be separate from the banks and not part of the CPEC investment. The Silk Road Fund would invest in businesses rather than lend money to the projects. The Karot Hydropower Project, 50 km (31 mi) from Islamabad, Pakistan is the first project.[47] The Chinese government has promised to provide Pakistan with at least US$350 million by 2030 to finance this station.