On 23-24 April 2020, a seminar of the Shanghai Cooperation Organisation Interbank Consortium (SCO IBC) was held in Moscow by videoconference.
The seminar was organised by State Development Corporation VEB.RF, which presides in the SCO IBC. The event was attended by over 50 representatives of the SCO IBC member banks, observer states as well as SCO dialogue partners.
The seminar included four sessions: "Quality markers for public-private partnerships in infrastructure projects," "Project financing factory," "Urban development as a priority of VEB.RF," and "Increasing role of national currencies in the SCO trade and economic cooperation."
The participants focused on the topical issues of banking activities in international trade, loans and investment as well as practical aspects of the use of national currencies and the SCO IBC's increasing role in the restoration of the states' economy after the impact of the COVID-19 pandemic.
VEB.RF Chairman Igor Shuvalov noted the importance of international economic cooperation: "First of all, it is necessary to support those who have initiative and capacities to develop markets, such as individual entrepreneurs, micro-enterprises, small, medium-sized and major businesses. Development banks must help national governments in order to minimise the impact of the pandemic. It is important to provide enough growth in cities, large industries and in international economic cooperation."
Following the seminar, the participants agreed to hold a number of bilateral and multilateral consultations devoted to the minimisation of the pandemic's impact on the economies of the SCO member states and to begin developing a road map with practical events and mechanisms.