ASTANA, Kazakhstan, May 28. The Shanghai Cooperation Organization (SCO) is actively promoting the establishment of a key financial institution—the SCO Development Bank, which will become a center for financing joint projects and strengthening the organization's financial architecture. SCO Deputy Secretary-General Sohail Khan said at the Eurasian Economic Forum, Trend reports.
"Following the Yangshin Summit, consultations on establishing the SCO Development Bank have begun. Progress is now slowly underway. This bank will become a key institution for financing joint projects and strengthening the financial architecture of our organization," Khan noted.
According to him, the creation of the bank fits into the SCO's economic development strategy until 2030, which sets long-term guidelines for member countries in trade, transport, standardization, and finance.
"Particular importance is attached to developing coordinated approaches to economic cooperation, including simplifying trade procedures, removing barriers, and developing coordination mechanisms in technical regulation," the deputy secretary-general emphasized.
According to him, one of the key areas will be the launch of standardization efforts within the SCO to create a unified framework for cross-border trade and industrial cooperation.
He noted that in the transport sector, the SCO is focusing on expanding connectivity and unlocking the region's transit potential. Current international routes are being modernized, customs administration is being improved, and favorable conditions for road and rail transportation are being created. To coordinate these processes, a new mechanism for regular meetings of the heads of ports and logistics centers of SCO countries has been launched.
Khan underscored that financial cooperation is reaching a new level: the organization plans to gradually increase the share of national currencies in mutual settlements, as well as intensify investment and banking cooperation.
"All these measures are aimed at enhancing the sustainable development of member states and improving the well-being of the population in the SCO region," Khan added, emphasizing that the organization will continue to develop pragmatic and mutually beneficial forms of cooperation based on the principles of the "Shanghai Spirit".
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