DUSHANBE, 24.08.2022 (NIAT Khovar) – The banks of the SCO countries adopted a plan to support intra-regional economic cooperation. This became known at the 18th meeting of the Council of the Interbank Association of the Organization (IAO), which was held in Tashkent under the chairmanship of the National Bank for Foreign Economic Affairs of Uzbekistan.

According to the results of the event, the Council of the SCO IAC approved a joint action plan for the SCO IAC member banks to support and develop intra-regional economic cooperation of the SCO in the medium term (2022-2027) and the framework principles for interaction and cooperation of the SCO IBC member banks in the financial sector.

The signed documents were approved for inclusion in the declaration following the summit of the heads of SCO member states, which will be held on September 16 in Samarkand.

These documents will provide favorable conditions for stimulating the growth of trade turnover and investment interaction between IAO member banks in the implementation of promising joint infrastructure projects in the SCO space, as well as the development of industrial cooperation among the organization’s member states.

The chairmanship of the SCO IAC Council for the period 2022-2023 will pass from October to the Indian Infrastructure Finance Company.

The SCO is an international organization founded in 2001. Its members are India, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, Pakistan and Uzbekistan. Observer countries are Afghanistan, Belarus, Iran and Mongolia, partner countries — Azerbaijan, Armenia, Cambodia, Nepal, Turkey and Sri Lanka.