The Shanghai Cooperation Organisation Interbank Consortium (abbreviated as SCO IBC) is a platform for joint financing of development projects by members and other participants of the

Shanghai Cooperation Organisation russian: Шанхайская Организация Сотрудничества , image = , caption = , logo = SCO logo.svg , logo_size = 160px , map = Shanghai Cooperati ...

History

The SCO Interbank Consortium was created in October 2005 during the 2005 SCO Summit. The consortium was among several economic integration projects announced during the summit. The first meeting of the SCO Interbank Association was held in

Beijing } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

on 21–22 February 2006.

Banks

Member banks

Development Bank of Kazakhstan Development or developing may refer to: Arts *Development hell, when a project is stuck in development *Filmmaking, development phase, including finance and budgeting *Development (music), the process thematic material is reshaped * Photograph ...

* RSK Bank (Kyrgyzstan) *

China Development Bank The China Development Bank (CDB) () is a development bank in the People's Republic of China (PRC), led by a cabinet minister at the Governor level, under the direct jurisdiction of the State Council. As one of three policy banks in China, it ...

VEB.RF VEB.RF, or VEB (russian: ВЭБ.РФ (ex-Vnesheconombank)), is a Russian state development corporation. It was founded in 2007 as a development institute. VEB.RF is an investment company and development institute in Russia. It has financed more t ...

(Russia) * Amonatbonk State Savings Bank (Tajikistan) *

National Bank of the Republic of Uzbekistan for Foreign Economic Activity National may refer to: Common uses * Nation or country ** Nationality – a ''national'' is a person who is subject to a nation, regardless of whether the person has full rights as a citizen Places in the United States * National, Maryland, ce ...

Habib Bank Limited Habib Bank Limited ( ur, ) abbreviated as HBL, is a Pakistani multinational bank based in Habib Bank Plaza, Karachi, Pakistan. Founded in 1939 by the Habib Family, HBL became Pakistan's first commercial bank. In 1951 it opened its first int ...

(Pakistan) *

India Infrastructure Finance Company India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country from J ...

Observers

Eurasian Development Bank The Eurasian Development Bank (EDB) is an international financial institution investing in the development of the economies, trade and other economic ties, and integration in Eurasian countries. The EDB was founded in 2006 and is headquartered in ...

Belarusbank Savings Bank "Belarusbank" is the largest bank in Belarus that occupies leading positions in the Belarusian banking system by volume of equity, assets, loans, deposits. History From 1922 to 1987 the country applied the system of state labor sa ...

Development Bank of Mongolia Development or developing may refer to: Arts *Development hell, when a project is stuck in development *Filmmaking, development phase, including finance and budgeting *Development (music), the process thematic material is reshaped * Photograph ...

Belt and Road Initiative

China has sought to use the platform to push for more cooperation under its

Belt and Road Initiative The Belt and Road Initiative (BRI, or B&R), formerly known as One Belt One Road ( zh, link=no, 一带一路) or OBOR for short, is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in nearly 1 ...

, one of the two main

policy banks Policy banks of China (), policy lenders or institutional banks refer to two Chinese banks set up by State Council of China in 1994, namely The Export–Import Bank of China (Exim) and the Agricultural Development Bank of China (ADBC). The two ban ...

supporting the Belt and Road Initiative, had by the end of 2017 loaned $7.69 billion and 3.34 billion yuan to member banks of the SCO Interbank Consortium. The outstanding loans at the time stood at $2.05 billion dollars and 3.3 billion yuan. At the

2018 SCO summit Eighteen or 18 may refer to: * 18 (number), the natural number following 17 and preceding 19 * one of the years 18 BC, AD 18, 1918, 2018 Film, television and entertainment * ''18'' (film), a 1993 Taiwanese experimental film based on the short s ...

in Qingdao, China's

paramount leader Paramount leader () is an informal term for the most important political figure in the People's Republic of China (PRC). The paramount leader typically controls the Chinese Communist Party (CCP) and the People's Liberation Army (PLA), often hol ...

Xi Jinping Xi Jinping ( ; ; ; born 15 June 1953) is a Chinese politician who has served as the general secretary of the Chinese Communist Party (CCP) and chairman of the Central Military Commission (CMC), and thus as the paramount leader of China, ...

pledged to set up a 30 billion yuan ($4.69 billion) for a special lending facility within the framework of the SCO Interbank Consortium. The capital would be put to use for cross-border transportation projects and industrial parks.

SCO Development Bank

The SCO Development Bank is a proposed multilateral financial institution. Since 2010, China has sought to expand financial cooperation under the auspices of the Shanghai Cooperation Organisation by setting up the bank. Russia however has shown skepticism to the bank and in general has prioritized security cooperation within the SCO rather than economic projects. Russia has alternatively suggested to China to buy a stake in the Russian led

. The

Asian Infrastructure Investment Bank The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank that aims to improve economic and social outcomes in Asia. The bank currently has 105 members, including 14 prospective members from around the world. The br ...

was established in 2015 and has substituted the proposed role of the SCO Development Bank to fund infrastructure projects in the region. Despite the delays, there still remains support among member states for creating the bank. Pakistani Prime Minister Khan at the

2019 SCO Summit Nineteen or 19 may refer to: * 19 (number), the natural number following 18 and preceding 20 * one of the years 19 BC, AD 19, 1919, 2019 Films * ''19'' (film), a 2001 Japanese film * ''Nineteen'' (film), a 1987 science fiction film Music ...

called for the bank and an SCO development fund to be expeditiously created.

References

{{Belt and Road Initiative International finance institutions International banking institutions