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Vladimir Dmitriev makes a report on the performance of the Shanghai Cooperation Organization Interbank Consortium (SCO IBC) at a meeting of the Council of Heads of Government of the SCO member states

15 december 2015 года
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Vnesheconombank’s Chairman, authorized representative of SCO Interbank Consortium (SCO IBC),Vladimir Dmitriev spoke at a meeting of the Council of Heads of Government of the SCO member states.

V. Dmitriev delivered a report on the performance of the Shanghai Cooperation Interbank Consortium. Its participants are authorized state-run banks and credit institutions of SCO member states. They specialize in foreign economic activity and implementing development projects. Vnesheconombank presided over SCO IBC in the period of 2014 –2015.

Speaking about cooperation within the Consortium V. Dmitriev stressed that SCO IBC members finance jointlyprojects in such sectors as power engineering, transport infrastructure, construction of major industrial facilities, agriculture, small and medium-sized enterprises. The central theme of discussion was an initiative to create a mechanism for monitoring and funding pre-project preparation of investment projects. This initiative is designed to give an additional impetus for the development of project activities within SCO and help to upgrade the quality of investment projects pre-project preparation with due regard to international criteria and best practices.

Participants in SCO IBC are interested in expanding contacts with financing development institutions of observer-states and partners in an SCO partners. The SCO Interbank Consortium is planning to cooperate with such institutions as the Silk Road Fund, the Asian Infrastructure Investment Bank and the New Development Bank.

The Shanghai Cooperation Organization Interbank Consortium (SCO IBC) was established on October 26, 2005. It specializes in the foreign economic sphere and in implementing development projects. The Interbank Consortium of the Shanghai Cooperaion Organization incorporates the following SCO member states’ authorized banks and credit institutions: State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Kazakhstan Development Bank, the China State Development Bank, RSK Bank (Kirgizia), State Savings Bank of the Republic of Tajikistan “Amonatbonk” and the Uzbekistan National Bank for Foreign Economic Affairs.


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