TIANJIN, September 1. /TASS/. Kazakhstan supports China's initiative to establish the Shanghai Cooperation Organization (SCO) Development Bank, being ready to take part in the implementation of this project, Kazakh President Kassym-Jomart Tokayev said at the meeting of the Council of heads of SCO member states.

"Kazakhstan supports China's initiative to establish the SCO Development Bank and is ready to take part in the implementation of this promising project," Tokayev’s press service quoted him as saying.

The Kazakh leader also proposed creating an SCO office on the basis of the Astana International Financial Center to support promising investment projects and consolidate the activities of legal, consulting, and financial companies, the press service said.

The contribution of SCO members to global GDP has doubled reaching 30% since the Shanghai Cooperation Organization was founded, Tokayev said. "Intraregional trade has demonstrated impressive growth, with its volume having exceeded $650 bln by the end of 2024. Kazakhstan's trade turnover with the SCO countries has also been growing steadily, with its volume having approached $70 bln last year," he noted.

Earlier on Monday, Chinese President Xi Jinping said, opening the Shanghai Cooperation Organization’s summit in Tianjin, that SCO nations must create the Development Bank of the SCO "as soon as possible" in order to boost cooperation between member states in the security and economy areas.