SCO members agree to establish development bank

Member countries of the Shanghai Cooperation Organization (SCO) have agreed to establish a Development Bank, according to the declaration adopted at the SCO summit in Tianjin.

The declaration said that the interested states reaffirmed the importance of creating the institution and would intensify consultations on issues related to its functioning, Caliber.Az reports via Russian media. 

SCO members also voiced support for reforming the global financial architecture to increase the representation and role of developing countries in international financial institutions, including the International Bank for Reconstruction and Development and the International Monetary Fund.

The statement highlighted the significance of financial cooperation in driving economic growth across the organisation. It also underscored the need to continue implementing the roadmap aimed at gradually expanding the use of national currencies in mutual settlements.

By Sabina Mammadli