BAKU, Azerbaijan, November 3. Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026–2027, with Sultan Ali Allana appointed chairman of the financial cooperation body, Pakistan’s Ministry of Finance said on November 2.
The appointment coincides with Pakistan’s chairmanship of the Shanghai Cooperation Organisation (SCO) for the same period, placing the country at the helm of both the regional organization and its interbank cooperation mechanism.
According to the ministry, Pakistan aims to use these roles to promote regional trade, investment, financial connectivity and economic cooperation among SCO member states.
The ministry congratulated Allana on his appointment and reaffirmed Pakistan’s commitment to strengthening economic partnerships across the bloc, facilitating cross-border trade and investment, and advancing regional integration.
The SCO Interbank Consortium provides a framework for cooperation among financial institutions from SCO member states, with a focus on supporting joint projects and facilitating financial cooperation.
The Shanghai Cooperation Organisation (SCO) is a Eurasian intergovernmental organization established in 2001 to promote regional security, economic cooperation and political dialogue. Its 10 member states are Belarus, China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan. The organization provides a platform for cooperation in trade, investment, transport, energy, finance, security and other areas. Its economic mechanisms include the SCO Interbank Consortium, which supports the financing of investment projects, and the SCO Business Council, which facilitates cooperation between business communities across member states.
