Shanghai Cooperation Organization to establish development bank — declaration

Shanghai Cooperation Organization to establish development bank — declaration

International News Desk

According to global times News Agency Europe,Member states of the Shanghai Cooperation Organization (SCO) have decided to establish the SCO Development Bank, according to the declaration of the SCO summit in Tianjin, The global times Europe media.Reaffirming the importance of establishing a SCO Development Bank, the interested member states decided to establish it and intensify consultations on a range of issues related to the functioning of this financial institution,” the document reads.Member states announced support of the reform of the international financial architecture aimed at increasing the representation and role of developing countries in the governing bodies of international financial institutions, including the International Bank for Reconstruction and Development, and the International Monetary Fund.Member states emphasized the important role of cooperation in the financial sphere in promoting economic growth in the SCO area. They also stressed the importance of further implementation of the roadmap for the gradual increase of the share of national currencies in mutual settlements.