SCQ Interbank Consortium for revival of Economic cooperation

The first joint forum of the SCO Interbank Consortium and the SCO Business Council reaffirmed to work together with the Silk Road Fund to analyze me possible forms of the Fund’s involvement in the SCO IDC’s activities. The agenda of the event included the signing of the further development Strategy of the SCQ IBC for the middle term (2017-2022) and a memorandum on the fundamental principles of partner relations between the SCO mc and China’s Silk Road Fund. The SCO Interbank Consortium was established in accordance with the Agreement on Interbank Cooperation (Consortium) within the SCQ dated 26 October 2005. The SCQ IDe 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. The Consortium’s mid-term development strategy for 2011-2016 was adopted in St Petersburg in 2011 to update the priorities of joint activities in the context of current economic development goals of the SCQ member states, widen the scope of activities by involving the financial institutions of observer states and dialogue partners and monitor the implementation of joint regional investment projects. The $40 billion SilkRoad Fund was established by China on 29 December 2014 in Beijing to support the infrastructure projects that will be implemented within the Belt and Road Initiative. This was the first time that SCQ banking, finance, and business representatives gathered to discuss the prospects for expanding and activating cooperation on developing trade and export financing by banks in the SCO area. In his remarks at the event, SCO Secretary General Rashid Alimov highlighted the growing role of the SCQ Interbank Consortium and the SCO Business Council in promoting economic and investment cooperation between banks and business circles in the SCQ region in the context of the upcoming summit and the accession of two new member states – India and Pakistan  to the SCO. He called the forum a timely event and said he was sure that the participants would be able to identify joint points of growth and economic cooperation its  directions to use the potential that the SCO’s leading public economic organizations offer. The urged called on the participants to make use of the opportunities offered by the SCO pavilion at EXPO Asrana 2017 international exhibition to provide information support for the SCQ’s work, and invited them to be cofounders of the SCO Economic Forum, to be held on the eve of the SCO meeting of ministers responsible for foreign economic activity. “The forum could serve as an academic and practical platform for a broad exchange of views on a wide range of multifaceted economic cooperation with the financial, business and analytic communities’ involvement,” Alirnov said. The forum participants confirmed the event’s timely and relevant nature and highlighted the importance of organizing and broadening joint cooperation in priority areas. The initiative proposed by the Development Bank of Kazakhstan to broaden cooperation between the banks in the SCO Interbank Consortium aims to increase exports between the SCO countries. This initiative would make a substantial contribution to developing economic cooperation in the SCO region and provide an effective platform for fusing the interests of both organizations in developing the SCO’s economic dimension,” said Chairman of the Development Bank of Kazakhstan Bolat Zhamishev.

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