SCO Countries Agree to Establish Development Bank

Tashkent, Uzbekistan (UzDaily.com) — Member states of the Shanghai Cooperation Organization have agreed to establish a Development Bank. The decision was set out in the Tianjin Declaration, adopted following the meeting of the SCO Council of Heads of States.

The document states that “interested member states, reaffirming the importance of establishing an SCO Development Bank, agreed on its creation and on intensifying consultations regarding the functioning of the new financial institution.”

The declaration also voiced support for reforming the international financial system, which, in the view of the member states, should provide broader representation and strengthen the role of developing countries in the governing bodies of key international financial institutions, including the International Bank for Reconstruction and Development and the International Monetary Fund.

In addition, the declaration highlighted the importance of steadily implementing the roadmap aimed at expanding the use of national currencies in settlements between SCO countries.