SCO Secretariat expands cooperation with financial institutions of SCO Interbank Consortium

SCO Secretary-General Rashid Alimov’s meeting with the President of the China Development Bank Zheng Zhijie

On 31 March, 2017 in Beijing, the China Development Bank hosted SCO Secretary-General Rashid Alimov's meeting with the President of the China Development Bank Zheng Zhijie.

During the conversation, the two officials exchanged views on the role and activities of the SCO Interbank Consortium (IBC) as one of the Organisation's active public platforms. They noted SCO IBC's contribution to strengthening cooperation between financial institutions and developing trade and economic relations between the member states, taking into account the forthcoming SCO expansion.

Mr Alimov noted that the SCO attaches great importance to comprehensive interaction with the SCO IBC on joint promotion of banking and financial cooperation and major infrastructure projects implemented in the member states in which the China Development Bank is involved.

Zheng Zhijie highly appreciated the SCO Secretariat's active work and expressed hope for further progressive development of cooperation during the upcoming China Development Bank's chairmanship of the SCO IBC.

To better inform the public in the SCO countries, Rashid Alimov and Zheng Zhijie agreed to organise a presentation of the China Development Bank's activities in the SCO IBC at the SCO Headquarters.

The China Development Bank was founded in 1994 as a financial policy institution under the direct leadership of the State Council. It was incorporated into the China Development Bank Corporation in December 2008, and officially declared by the State Council as a development financial institution in March 2015. CDB provides medium- to long-term financing facilities that serve China's major long-term economic and social development strategies.

The Shanghai Cooperation Organisation Interbank Consortium (SCO IBC) was created as a mechanism to financially support and service investment projects supported by the governments of the SCO member states in priority areas of cooperation. It was established in accordance with the Agreement on interbank cooperation within the Shanghai Cooperation Organisation signed on 26 October, 2005.