David Cameron’s efforts to raise $1bn for a fund to invest in China have met with a lack of enthusiasm, according to reports.

One person who was asked to put money into the project described it as “moribund”, according to the Financial Times, signalling slow progress nearly 16 months after it was launched.

The UK-China Fund is intended to promote cooperation between the two countries in areas including energy, technology, healthcare and manufacturing, and has been endorsed by Beijing and Westminster.

However, one person who was asked to become involved in the project told the FT: “It’s completely moribund … They approached all the big banks and other serious investors. And I don’t know of anyone that’s put money up.”

Sources close to the UK-China Fund said it was yet to complete a first round of fundraising, which would typically be expected to raise about half of the $1bn target.

But they hinted at an imminent breakthrough based on commitments by unnamed investors within weeks, blaming Brexit uncertainty for the lacklustre progress to date.

“Work on the UK-China Fund is progressing very well,” a spokesperson for Cameron’s office said. “Positive discussions with potential investors have been ongoing both in the UK and China and substantial funds [are] already committed.”

The spokesperson said the fund hoped to close its first investment soon.

The Asia-focused bank Standard Chartered and the sovereign wealth group the China Investment Corporation have been touted as potential backers.