VEB.RF took part in the 16 September meeting of the Council of the Interbank Association of the Shanghai Cooperation Organisation (SCO IBA Council) in Dushanbe.
The Russin delegation was headed by VEB.RF Chief Banker Sergei Storchak.
The meeting resulted in signing the IBA Medium-Term Development Strategy.
The document describes areas of cooperation in post-pandemic recovery.
For instance, including under the Road Map endorsed by the SCO IBA member banks last year, the Strategy specifies efforts to make the IBA actively involved with the national governments’ responses to various calamities (economic, natural, climatic, epidemiological, anthropogenic).
The Strategy also includes the IBA banks’ efforts to help the SCO member states to expand the practice of payments in national currencies and use alternative interbank communication systems in order to make payments more secure and flexible.
The Strategy specifically deals with joint financing for healthcare projects, which will enable the SCO economies to be better prepared for possible epidemics and emergencies.
Apart from joint financing for projects in conventional areas, the new Strategy also covers cooperation in the digital economy, e-commerce and big data with a view to promoting economic development in the SCO in the context of Industry 4.0.
A new focus area of the SCO IBA is to create common approaches to responsible financing, promote green financing and green technology, and support gender equality and women’s empowerment.
In his speech, Sergei Storchak also told the meeting about a new stage in VEB.RF’s activities (the Russian Government approved two key documents in August 2021 to determine the future of VEB.RF’s operations, namely the Memorandum on Financial Policies and the 2024–2020 Strategy).
According to Sergei Storchak, the new Strategy contains VEB.RF’s targets for support for the economy and specifies how to meet them. The VEB.RF Group is to provide project financing totalling 6.5 trillion roubles (about 90 billion US dollars) over the next three years, while the total project value will be 18 trillion roubles (more than 240 billion US dollars), he said. 26% of financing will go to industrial projects, 43% to export support, 12% to city development projects, and 17% to SME projects.
The National Bank of the Republic of Uzbekistan for Foreign Economic Activity (NBU) will take over the presidency of the SCO IBA in 2022.
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