ASTANA, Kazakhstan, May 28. The Shanghai
Cooperation Organization (SCO) is actively promoting the
establishment of a key financial institution—the SCO Development
Bank, which will become a center for financing joint projects and
strengthening the organization's financial architecture. SCO Deputy
Secretary-General Sohail Khan said at the Eurasian Economic Forum,
Trend reports.
"Following the Yangshin Summit, consultations on establishing
the SCO Development Bank have begun. Progress is now slowly
underway. This bank will become a key institution for financing
joint projects and strengthening the financial architecture of our
organization," Khan noted.
According to him, the creation of the bank fits into the SCO's
economic development strategy until 2030, which sets long-term
guidelines for member countries in trade, transport,
standardization, and finance.
"Particular importance is attached to developing coordinated
approaches to economic cooperation, including simplifying trade
procedures, removing barriers, and developing coordination
mechanisms in technical regulation," the deputy secretary-general
emphasized.
According to him, one of the key areas will be the launch of
standardization efforts within the SCO to create a unified
framework for cross-border trade and industrial cooperation.
He noted that in the transport sector, the SCO is focusing on
expanding connectivity and unlocking the region's transit
potential. Current international routes are being modernized,
customs administration is being improved, and favorable conditions
for road and rail transportation are being created. To coordinate
these processes, a new mechanism for regular meetings of the heads
of ports and logistics centers of SCO countries has been
launched.
Khan underscored that financial cooperation is reaching a new
level: the organization plans to gradually increase the share of
national currencies in mutual settlements, as well as intensify
investment and banking cooperation.
"All these measures are aimed at enhancing the sustainable
development of member states and improving the well-being of the
population in the SCO region," Khan added, emphasizing that the
organization will continue to develop pragmatic and mutually
beneficial forms of cooperation based on the principles of the
"Shanghai Spirit".
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