This decision is reflected in the joint declaration adopted at the end of the summit, which was approved by the Council of Heads of State of the organization.
The SCO summit was held from August 31 to September 1 in the Chinese city of Tianjin. It was attended by about 25 leaders of SCO member states, observers and partners.
“The interested member states, confirming the importance of establishing the SCO Development Bank, have decided to establish it and to intensify consultations on a set of issues related to the functioning of this financial institution,” the SCO President’s office in Tianjin said. quotes RBC quotes the text of the declaration.
The SCO summit participants also supported the reform of the international financial architecture aimed at increasing the representation and role of developing countries in the governing bodies of international financial institutions, including the International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF).
In addition, the declaration emphasized the importance of further implementation of the roadmap to gradually increase the share of national currencies in mutual settlements of interested member states.
The Associated Press agency notes China’s special interest in the creation of the SCO Development Bank. The publication notes that Chinese President Xi Jinping said at the summit that Beijing would accelerate the creation of the Development Bank. The Chinese leader noted that in a difficult global situation, the SCO member states face more complex obligations in the field of security and development”. Xi Jinping also promised to provide SCO members with $1.4 billion in loans over the next three years.
