BAKU, Azerbaijan, November 3. Pakistan has
assumed the chairmanship of the Shanghai Cooperation Organisation
Interbank Consortium (SCO-IBC) for 2026–2027, with Sultan Ali
Allana appointed chairman of the financial cooperation body,
Pakistan’s Ministry of Finance said on November 2.
The appointment coincides with Pakistan’s chairmanship of the
Shanghai Cooperation Organisation (SCO) for the same period,
placing the country at the helm of both the regional organization
and its interbank cooperation mechanism.
According to the ministry, Pakistan aims to use these roles to
promote regional trade, investment, financial connectivity and
economic cooperation among SCO member states.
The ministry congratulated Allana on his appointment and
reaffirmed Pakistan’s commitment to strengthening economic
partnerships across the bloc, facilitating cross-border trade and
investment, and advancing regional integration.
The SCO Interbank Consortium provides a framework for
cooperation among financial institutions from SCO member states,
with a focus on supporting joint projects and facilitating
financial cooperation.
The Shanghai Cooperation Organisation (SCO) is a Eurasian
intergovernmental organization established in 2001 to promote
regional security, economic cooperation and political dialogue. Its
10 member states are Belarus, China, India, Iran, Kazakhstan,
Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan. The
organization provides a platform for cooperation in trade,
investment, transport, energy, finance, security and other areas.
Its economic mechanisms include the SCO Interbank Consortium, which
supports the financing of investment projects, and the SCO Business
Council, which facilitates cooperation between business communities
across member states.
