CDB News

Home>News Center>CDB News
Home>News Center>CDB News
CDB News

The SCO Interbank Consortium Holds the 16th Board Meeting

【Font-Size:BigMiddleSmall
Time:2020-10-30  Source:CDB

On October 30, 2020, the 16th Meeting of the SCO Interbank Consortium Board was held through video conference. The member banks and partner banks of the SCO Interbank Consortium discussed and exchanged views on issues such as jointly addressing challenges posed by COVID-19, expanding SCO economic and trade cooperation, promoting recovery of international industry chains and strengthening national currency cooperation. Zhao Huan, Chairman of CDB, delivered a speech entitled “Carrying Forward the Shanghai Spirit and Providing Financial Support for Regional Economic Recovery.”

Zhao Huan said that under the current situation, the SCO Interbank Consortium should continue carrying forward the Shanghai Spirit, upholding the concept of a community of shared future for mankind, and making joint contributions to epidemic prevention and control and economic recovery in the SCO region. Firstly, we should adhere to unity and cooperation to overcome impacts of the epidemic, and continue to make good use of the 30 billion yuan equivalent special lending facility within the framework of the SCO Interbank Consortium. Secondly, we should uphold mutual benefit and win-win cooperation, stabilize regional industry chains and supply chains, and provide high-quality financing support. Thirdly, we should focus on key tasks, support construction of major projects, and value new infrastructure areas. Fourthly, we should persist in improving communications as well as strengthening information exchange and sharing to explore effective measures for stimulating regional economic recovery.

The meeting was chaired by Igor Shuvalov, Chairman of Vnesheconombank, the rotating Chairman Bank of the SCO Interbank Consortium from 2019 to 2020. Alexei Overchuk, Deputy Prime Minister of the Russian Federation, and SCO Secretary-General Vladimir Norov delivered speeches at the meeting. Representatives from member banks and partner banks of the SCO Interbank Consortium, the Eurasian Development Bank and the Bank for Foreign Economic Affairs of the Republic of Belarus attended the meeting. According to representatives from the member banks, the SCO Interbank Consortium’s strengthened cooperation to jointly overcome the economic impacts brought about by the COVID-19 epidemic and their increased use of national currencies will help facilitate economic and social development of the SCO region.

The State Savings Bank of the Republic of Tajikistan was elected at the meeting as the rotating Chairman Bank of the SCO Interbank Consortium Board from 2020 to 2021. Relevant parties signed two documents: Roadmap on Overcoming the Consequences of the COVID-19 Epidemic for the SCO Economies, and Common Approaches to Using National Currencies in Mutual Settlements between SCO Member States.

Established in October 2005, the SCO Interbank Consortium currently consists of eight member banks (Infrastructure Development Finance Company Limited in India, Development Bank of Kazakhstan, China Development Bank, RSK Bank in Kyrgyzstan, Habib Bank Limited in Pakistan, VEB.RF Russian National Development Corporation, State Savings Bank of the Republic of Tajikistan, and National Bank for Foreign Economic Activity of the Republic of Uzbekistan) and two partner banks (Belarusbank and Development Bank of Mongolia). Since its establishment, the SCO Interbank Consortium has adhered to the core concepts of innovation and sustainable development and played an important role in supporting economic development and improving people’s livelihood in the SCO region through all-round cooperation in mechanism building, project financing, planning cooperation, personnel training, and policy research.