https://sputnikglobe.com/20250619/sco-continues-work-on-creating-own-financial-institution-1122293334.html
SCO Continues Work on Creating Own Financial Institution
SCO Continues Work on Creating Own Financial Institution
Sputnik International
The creation of a financial institution under the Shanghai Cooperation Organization (SCO) is one of the main tasks of the organization, Secretary General Nurlan Yermekbayev said on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Thursday.
2025-06-19T16:47+0000
2025-06-19T16:47+0000
2025-06-19T16:47+0000
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"We have high hopes for the SCO interbank association in this regard. Currently, the member states are actively discussing the creation of a financial institution. And, of course, this process is not easy, given the different positions and views of the member states, which we always respect, and the SCO operates according to the rules of consensus ... This is one of the main tasks right now," Yermekbayev said. The SCO chief also said that the creation of a financial institution is necessary for the implementation of large-scale projects between several member states, and currently mainly bilateral cooperation is conducted. The Russian city of St. Petersburg is hosting the 28th edition of SPIEF from June 18-21 under the theme of "Shared Values: The Foundation of Growth in a Multipolar World." The Rossiya Segodnya international media group, Sputnik's parent company, is the forum's information partner.
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SCO Continues Work on Creating Own Financial Institution
MOSCOW (Sputnik) - The creation of a financial institution under the Shanghai Cooperation Organization (SCO) is one of the main tasks of the organization, Secretary General Nurlan Yermekbayev said on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Thursday.
"We have high hopes for the SCO interbank association in this regard. Currently, the member states are actively discussing the creation of a financial institution. And, of course, this process is not easy, given the different positions and views of the member states, which we always respect, and the SCO operates according to the rules of consensus ... This is one of the main tasks right now," Yermekbayev said.
The SCO chief also said that the creation of a financial institution is necessary for the implementation of large-scale projects between several member states, and currently mainly bilateral cooperation is conducted.
"There are two main reasons: first, there is a lack of economic motivation and preferences. Second, there is no specific mechanism or institution within the SCO that would not only finance projects but also determine which projects are in demand and profitable," the Secretary General explained.
The Russian city of
St. Petersburg is hosting the 28th edition of SPIEF from June 18-21 under the theme of "Shared Values: The Foundation of Growth in a Multipolar World." The Rossiya Segodnya international media group, Sputnik's parent company, is the forum's information partner.
