SCO development banks to develop common roadmap to get rid of the current crisis
A video conference of the Shanghai Cooperation Organization (SCO) Interbank Consortium (IBC) kicked off on April 23.
Tajikistan was represented by Sirojiddin Ikromi, Chairman of the Board of Amonatbonk (Tajikistan’s savings bank).
Speaking at the conference, President of Russia’s State Development Corporation “VEB.RF”, Igor Shuvalov, who is also Chairman of the SCO IBC, noted that the SCO countries were developing a common roadmap to get rid of the current crisis caused by a novel coronavirus (COVID-19).
He said that SCO IBC funds allowed them to continue inter-bank cooperation within the framework of the SCO.
Shuvalov mentioned that they paid close attention to the experiences of China, Germany and Austria. The current main task is to consider how to create conditions to get rid of the crisis. “Overall, we have accumulated a lot of useful experience, and we have many tools,” he said.
“In my past experience, we must focus on the strategy of the early opening of economics and borders for trade and investments,” Shuvalov added.
Head of Amonatbonk, for his part, noted that in the current difficult economic situation there were the most important two themes mentioned by Shuvalov: project financing and trading in national currencies.
The conference is concluding today.
The Shanghai Cooperation Organization Interbank Consortium (abbreviated as SCO IBC) is a platform for joint financing of development projects by members and other participants of the Shanghai Cooperation Organization (SCO).
SCO IBC unites authorized banks of the SCO member nations: Kazakhstan Development Bank, JSC; RSK Bank, OJSC (Kyrgyzstan); India infrastructure finance company; China Development Bank (CDB); Russia’s State Development Corporation "VEB.RF"; Tajikistan’s Amonatbonk (savings bank); Uzbekistan National Bank for Foreign Economic Affairs; and Habib Bank Limited (Islamic Republic of Pakistan).
SCO IBC’s partner banks include Eurasian Development Bank (2008), OJSC Savings Bank Belarusbank (2012), and Development Bank of Mongolia (2016).
The creation of the SCO IBC was agreed upon at the Moscow summit of the SCO that took place on October 26, 2005. The first meeting of the SCO Interbank Association was held in Beijing on February 21–22, 2006. The SCO Interbank Corporation focuses on supporting regional economic cooperation.
The main tasks of SCO IBC are to organize funding for investment projects, enhance interaction with financial institutions of observer states and partners in the framework of SCO dialogue, cooperate with leading economic institutions operating in the SCO area (the SCO Business Council, the Eurasian Development Bank), exchange experience and cooperate in personnel training.
The Shanghai Cooperation Organization was founded at a Summit in Shanghai in 2001 by the presidents of Russia, China, Kyrgyzstan, Kazakhstan, Tajikistan and Uzbekistan.
The Shanghai Cooperation Organization currently has eight full members -- China, Kyrgyzstan, Pakistan, Russia, Tajikistan, India, Kazakhstan and Uzbekistan.
Afghanistan, Belarus, Iran and Mongolia are four observer states, and SCO’s dialogue partners include Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka and Turkey. ACEAN, CIS, Turkmenistan and the United Nations are guest attendances.
The SCO now represents around 42% of the world’s population, 22% of its land area and around 20% of GDP.