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SCO members will continue consultations on establishing Development Bank — statement

Earlier this month, SCO Secretary General suggested that attraction of funds to joint multi-partner projects be encouraged

SCO Secretary General Vladimir Norov Russian Foreign Ministry/TASS

SCO Secretary General Vladimir Norov

© Russian Foreign Ministry/TASS

MOSCOW, September 17. /TASS/. The members of the Shanghai Cooperation Organization (SCO) will continue consultations on establishing the Development Bank and the Development Fund of SCO, according to a statement published on the Kremlin website following the SCO summit in Dushanbe.

The member states also highlighted the priority task in cooperation, which is defined as "developing interaction in trade and economy, creation of favorable conditions for trade and investments based on principles of equality, fair competition, mutual respect, and benefit."

Earlier this month, SCO Secretary General Vladimir Norov suggested at an online meeting of finance ministers and heads of central (national) banks of member states that attraction of funds to joint multi-partner projects be encouraged.

"Particularly intensification of multisided economic cooperation should become the key strategic task for the upcoming decade of SCO activities," Secretary General was quoted as saying.

"We should outline the specific steps on the creation of the SCO Development fund and Development bank for implementing the SCO development strategy, which specifies those two mechanisms to provide financing for projects," he said.

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