SCO member states agree to create Development Bank
Source:
SCO Summit's press releases
The member-states of the Shanghai Cooperation Organization (SCO) plan to incorporate the SCO Development Bank, according to the final declaration adopted by the SCO Heads of State Council, the organization’s supreme decisions making organ.
Confirming and stressing the need and importance of creating the Development Bank, the SCO member states have agreed to intensify consultations on a range of issues related to the bank’s incorporation and functioning, as per the declaration of the summit headlined by Chinese President Xi Jinping, as “Respect for Diversity of Civilizations and Pursuit of Common Development,” in his opening speech as the head of the host country, to the forum delegates.
At the summit, the 25th in a row, held in the Chinese northern port city of Tianjin, from August 31 to September 1, a raft of strategic decisions were also made, including the importance of further implementing the roadmap aimed at gradually increasing the shares of national currencies in mutual trade and economic transactions among SCO members and the SCO’s support for reforming the world’s existing international financial system.
Specifically, such reform should be aimed at significantly increasing the representation and roles of the so-called developing countries in the governing bodies of major global financial institutions, including the International Monetary Fund and the International Bank for Reconstruction and Development, as per the declaration.
by Christopher Kenneth
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