SCO Secretary-General meets with CEO of the Development Bank of Kazakhstan

SCO Secretary-General meets with CEO of the Development Bank of Kazakhstan

SCO Secretary-General Rashid Alimov met with Chairman of the Council of the SCO Interbank Consortium and CEO of the Development Bank of Kazakhstan Bolat Zhamishev in Astana on 5 April.

Mr Alimov and Mr Zhamishev exchanged views on the SCO Interbank Consortium's activities and its contribution to promoting economic and financial cooperation within the SCO. They noted the active role played by the Development Bank of Kazakhstan as the presiding party at the SCO Interbank Consortium in establishing cooperation with international financial institutions. The parties also discussed preparations for a meeting of the Council of the SCO Interbank Consortium, to be held in Astana on 8 June 2017.

The SCO Secretary-General noted the importance that the SCO attaches to cooperation with the Consortium regarding joint promotion of banking and financial cooperation. He expressed his wish to step up work in order to unlock the potential of the SCO Interbank Consortium in promoting the export potential of the banks based on the forthcoming expansion of the SCO.

The Development Bank of Kazakhstan JSC (DBK) was established in accordance with the Resolution of the Government of the Republic of Kazakhstan dated 18 May 2001 and the Executive Order of the President of the Republic of Kazakhstan No 531 On the Development Bank of Kazakhstan, dated 28 December 2000. The Development Bank of Kazakhstan is the country's leading operator in assessing and structuring major infrastructural and industrial projects for the private sector and the Government of the Republic of Kazakhstan.

The SCO Interbank Consortium was established in accordance with the Agreement on Interbank Cooperation (Consortium) within the SCO dated 26 October 2005.

The SCO Interbank Consortium is a mechanism for financing and providing banking services to investment projects supported by the governments of the SCO Member States in priority areas of cooperation. The Development Bank of Kazakhstan is the current chair of the SCO Interbank Consortium for the period from 26 October 2016 to 25 October 2017.