SCO Development Bank is on the agenda, Idrissov says

    The establishment of a SCO Development Bank will be discussed during the next session of the SCO Finance Ministers. The session is set to take place in Bishkek in September, Foreign Affairs Minister Yerlan Idrissov has said. Idrissov was speaking at the 3^rd meeting of the Heads of the SCO Supreme Financial Control Authorities in Astana.
    Iddrissov said, "The SCO’s trade and economic dimension is very important and promising for Kazakhstan, since there are many plans for development of this dimension within the organization. We have to engage is quite serious effort to create mechanisms to ensure economic, trade and investment activity within the SCO. The point at issue is the SCO Development Bank."
    It is evident the proposal is at a nascent stage. The source and amount of financing for this bank has not been made public. Nonetheless, officials say a bank to help develop SCO countries would be welcome. The bank will add to an expanding number of credit sources. Other sources of financing include the new AIIB, BRICS New Development Bank and others.
    On Dec. 1, 2015, Russian Foreign Minister Sergei Lavrov first proposed the bank, Itar-Tass reports. "The creation of mechanisms to provide financing for the organization’s projects is long overdue," he said at a meeting of SCO foreign ministers.
    "Our financiers consider the scheme for the establishment of the SCO Development Bank, as best likened to the successful operations of the Eurasian Development Bank in the region, for being the most effective. We currently are discussing this option with colleagues," Lavrov added.
    Chinese Prime Minister Li Keqiang also endorsed the SCO Development Bank proposal, a government press release says.