New Delhi [India]DEC 21 (ANI): The 19th meeting of experts and coordinators of the Shanghai Cooperation Organization (SCO-IBC) Interbank Consortium and the first under Indian Presidency ended here on Wednesday.
During the meeting, it was decided to create a database with the different initiatives taken so far, to work towards sustainable development goals and to track climate finance initiatives, as well as to exchange best practices and experiences between member countries.
Delegates from member banks from eight countries — India, Kazakhstan, China, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan — attended the meeting, a statement said.
In essence, the discussion focused on the initiatives undertaken in the area of expanding cooperation between the member banks of the SCO-IBC, cooperation in the area of exchange of experience and skills and staff training of the SCO-IBC member banks, the creation of a Database for SCO IBC activities to mark the consortium’s 20th anniversary and other areas of collaboration between member banks to strengthen the SCO IBC partnership.
Pawan Kumar, Deputy General Manager, IIFCL and Chair of SCO-IBC said that India would like to chair the SCO-IBC Committee meeting.
“We hope that this will go a long way in promoting cooperation among member banks in this SCO region to promote infrastructure development in each country. We want to advance the agenda of SCO-IBC and hope to organize and share the experiences with each of the member countries in the Eurasian region,” Pawan Kumar was quoted as saying in the statement.
Kumar said they want to work towards sustainable development goals and are also looking at climate finance initiatives in this region.
The next meeting will be on February 8, 2023 for capacity building. The meeting of the council chairmen of the SCO member banks will then take place in April.
Earlier, Prime Minister Narendra Modi attended the 22nd Shanghai Cooperation Organization (SCO) Summit, held on September 15-16, 2022 in the city of Samarkand, Uzbekistan.
During the summit, the presidency of the Shanghai Cooperation Organization (SCO) for the upcoming 2022-23 period was handed over from Uzbekistan to India.
India Infrastructure Finance Company Limited (IIFCL) will chair the SCO Interbank Consortium (SCO IBC) for the period 26-25 October 2023.
The Shanghai Cooperation Organization (SCO IBC) was established on October 26, 2005 based on the decision of the Council of Heads of State of the SCO member countries to create a mechanism for financial support and supervision of investment projects in the economic area of the SCO member countries (interbank cooperation agreement with the Shanghai Cooperation Organisation). During the Astana Summit of the Shanghai Cooperation Organization in July 2005, India was granted observer status in the SCO.
It joined the SCO as a full member during the Shanghai Cooperation Summit (SCO) in June 2017 in Astana.
India Infrastructure Finance Cooperation Limited (IIFCL) was nominated by the Ministry of Finance’s Department of Financial Services (DFS) to represent India at the SCO Interbank Consortium (SCO IBC) in 2017 and has been participating in the forum ever since. (ANI)
The main activities of the SCO IBC are the organization of financing of investment projects, the development of interaction with authorized financial institutions of the observer states and partners in the SCO dialogue, cooperation with the leading economic structures operating in the SCO space, the exchange of experience and cooperation in the field personal training (ANI)
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