The Qatar Investment Authority, the Doha-based sovereign wealth fund, has agreed to invest US$2.8 billion in the initial public offering (IPO) of the Agricultural Bank of China, becoming the bank's largest cornerstone investor, Caijing Magazine reported on Monday.

Qatari senior officials have confirmed the investment with the Chinese state council last week, said Caijing. Qatar's investment accounts for 11.2 percent of Agricultural Bank's share sale.

Established in 2005, the Qatar Investment Authority invested a total of US$210 million in the IPO of Bank of China in 2006.

Caijing also cited an unnamed source saying that Kuwait Investment Authority will invest over US$2 billion in the bank's IPO; however, it wasn't confirmed.

According to reports in foreign media, Singaporean Temasek Holdings may also invest in Agricultural Bank's IPO. The company invested US$1 billion in China Construction Bank shares during its IPO in 2005. In 2006, it invested another US$500 million in the Industrial & Commercial Bank of China.

China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.

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