SCO interbank cooperation

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On 21 December 2022, experts and coordinators of the SCO Interbank Consortium (SCO IBC) held a hybrid-format meeting in New Delhi. The India Infrastructure Finance Company Ltd. (IIFCL) chaired the meeting, which was attended by senior representatives of the eight IBC member banks.

SCO Deputy Secretary-General Sohail Khan delivered a welcome address for the meeting participants. He pointed out that banking sector representatives need to seek and assess optimal and mutually acceptable mechanisms for financing project activities within the SCO, as well as to actively engage the IBC in the implementation of existing agreements to increase the share of national currencies in mutual settlements.

The event participants discussed prospects for cooperation between the financial institutions of the SCO member states amid climate change and the transition to a low-carbon development model.

The SCO Interbank Consortium was established in 2005 in order to organise a mechanism for financing and banking services in investment projects supported by the governments of the SCO member states. The consortium’s member banks include the Development Bank of Kazakhstan, the China Development Bank, VEB.RF State Development Corporation (Russia), the Amonatbonk State Savings Bank (Tajikistan), the National Bank for Foreign Economic Activity of the Republic of Uzbekistan, RSK Bank (Kyrgyz Republic), Habib Bank Limited (Pakistan), and India Infrastructure Finance Company Ltd. (IIFCL). The consortium’s highest body is the Council of the SCO Interbank Consortium.