During the Meeting of the Council of the SCO Interbank Consortium in Astana (Republic of Kazakhstan), the development institutions of the Shanghai Cooperation Organization forming the SCO Interbank Consortium and the Silk Road Fund signed a Framework Memorandum of Partnership.
The parties agreed to establish strategical partnership with the goal of supporting the project of setting up the Silk Road Economic Belt, to promote economic growth and expand reciprocal trade and economic ties in the SCO area.
Another agreement concerned fundraising for joint medium- and long-term investment projects relevant for the economies of the SCO Member States. Conditions for participation in the financing of such projects shall be governed by separate agreements.
Under the Memorandum, the SCO IBC and the Silk Road Fund agreed to exchange information about promising investment projects which allow their joint participation and to assist each other in the analysis and expert examination of the projects selected together for the development of their financing models and the conditions of their implementation.
The parties agreed to form joint working groups for the development of attractive and promising investment projects.
The Interbank Consortium of the Shanghai Cooperation Organization comprises the following development institutions of the SCO countries: Development Bank of Kazakhstan, JSC, China Development Bank, RSK Bank OJSC (Kyrgyz Republic), Vnesheconombank (Russian Federation), State Savings Bank of the Republic of Tajikistan Amonatbonk, National Bank for Foreign Economic Activity of the Republic of Uzbekistan. The SCO IBC is an interbank consortium whose efforts are focused on promoting regional economic cooperation, financial support and servicing of investment projects in the SCO area and is comprised of authorized state banks of the SCO Member States.
Silk Road Fund was established in December 2014 in Beijing. SRF is a development fund established for the support and development of trade and economic cooperation as part of the Silk Road and Maritime Silk Road Economic Belt concept through medium- and long-term investments in the countries of the region.
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