Monitoring Desk
ISLAMABAD: Sohail Khan, Deputy Secretary-General of the Shanghai Cooperation Organization (SCO), Sohail Khan said that representatives of the banking sector needed to seek and assess mutually acceptable mechanisms and optimal financing project activities within the member states.
Speaking at a hybrid format meeting of the SCO Interbank Consortium (SCO IBC), Khan called upon the representatives to actively engage the IBC in the execution of existing deals to raise the share of national currencies in bilateral settlements, according to a statement of the SCO Secretariat in Beijing on Tuesday.
The participants talked about the chances of cooperation between the SCO member states’ financial institutions amid the transition to a low-carbon development model necessitated by the effect of climate change.
The meeting was chaired by India Infrastructure Finance Company Ltd. (IIFCL), and attended by senior officials of the eight IBC member banks.
The SCO Interbank Consortium was set up in 2005.
Banks of member states that are part of SCO Consortium
The consortium’s member banks include the China Development Bank, VEB.RF State Development Corporation (Russia), Development Bank of Kazakhstan, the Amonatbonk State Savings Bank (Tajikistan), India Infrastructure Finance Company Ltd. (IIFCL), the National Bank for Foreign Economic Activity of the Republic of Uzbekistan, RSK Bank (Kyrgyz Republic), and Habib Bank Limited (Pakistan).
The group’s highest body is the SCO Interbank Consortium’s Council.
