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The Shanghai municipal government plans to launch a fund of as much as 20 billion yuan (US$2.6 billion) to develop the city's economy and infrastructure before it hosts the World Expo in 2010, sources familiar with the plan said.

The city has obtained approval for the plan from the central government and an official announcement is expected in the next few weeks, the sources, who declined to be identified, said Tuesday.

Money for the fund will be raised mostly from the city's treasury, big Chinese insurance companies and State-owned enterprises headquartered in Shanghai, they added.

The city government would hire an external, professional institution to manage the fund, they said.

"Some of the money will be invested in the city's big infrastructure projects such as construction of bridges and tunnels for the World Expo 2010," said one of the sources.

"The fund is also expected to team up with other investors to jointly fund the expansion of the city's ports and airports," he said.

A city government spokesman was not available to comment.

Shanghai is the second Chinese city to get approval for a yuan-denominated government-backed industrial fund. The Tianjin municipal government in northern China won approval for the 20 billion yuan Bohai Industrial Investment Fund at the end of last year.

Such city-issued funds are a recent phenomenon in China, but more are expected in the future to diversify risks and provide a source of low-cost funds for specific projects.

The central government wants Shanghai to lead economic reform and development in the surrounding Yangtze River Delta region, which includes two of the country's richest provinces, Zhejiang and Jiangsu.

"Besides investments related to the World Expo 2010, the fund will also invest in projects related to the development of Shanghai's Pudong New Area," said the source.

The source added that the fund would seek opportunities to invest in innovative high-tech and financial services projects in Pudong, a key center for those two sectors in China.