BEIJING, Dec 27 (APP): Deputy Secretary-General, Shanghai Cooperation Organization (SCO), Sohail Khan said that banking sector representatives needed to seek and assess optimal and mutually acceptable mechanisms for financing project activities within the SCO.
In his welcome address to experts and coordinators of the SCO Interbank Consortium (SCO IBC) at a meeting held in hybrid format, he called upon the representatives to actively engage the IBC in the implementation of existing agreements to increase the share of national currencies in mutual settlements, according to a statement issued by SCO Secretariat here on Tuesday.
The event participants discussed prospects for cooperation between the financial institutions of the SCO member states amid climate change and the transition to a low-carbon development model.
The India Infrastructure Finance Company Ltd. (IIFCL) chaired the meeting, which was attended by senior representatives of the eight IBC member banks.
It may be mentioned here that the SCO Interbank Consortium was established in 2005 in order to organize a mechanism for financing and banking services in investment projects supported by the governments of the SCO member states.
The consortium’s member banks include the Development Bank of Kazakhstan, the China Development Bank, VEB.RF State Development Corporation (Russia), the Amonatbonk State Savings Bank (Tajikistan), the National Bank for Foreign Economic Activity of the Republic of Uzbekistan, RSK Bank (Kyrgyz Republic), Habib Bank Limited (Pakistan), and India Infrastructure Finance Company Ltd. (IIFCL). The consortium’s highest body is the Council of the SCO Interbank Consortium.
