Date:  2013-06-13  Author: admin   

The Interbank Consortium of the Shanghai Cooperation Organisation
On 26 October 2005 the SCO Heads of Government (Prime Ministers) Council officially announced the creation of SCO Interbank Consortium and signed the Agreement on the IBC.
The members of the IBC are as follows: the Development Bank of Kazakhstan, the State Development Bank of China, the Bank for Development and Foreign Economic Affairs (Vnesheconombank) of Russia, the National Bank of Tajikistan and the National Bank for Foreign Economic Activity of Uzbekistan.
During the second SCO IBC Council meeting on 14 June 2006 in Shanghai the Settlement & Savings Company of Kyrgyzstan was admitted as a Consortium member.
On 15 June 2006 in Shanghai in the presence of the heads of the SCO member states the governors of the member banks signed the Action Plan in support of regional economic cooperation which reflects the strategy for IBC activities in the immediate future.
At Shanghai summit of 2006 initial agreements were signed on credit granting and funding for joint investment projects to the tune of 742 million dollars.
On 16 August 2007 at Bishkek summit the Agreement on interaction between the SCO IBC and SCO Business Council was signed.
The regular SCO IBC Council meeting on 15 August 2007 in Bishkek approved the Regulations on interaction among the SCO IBC member banks in project selection, assessment and implementation.
The Governor of the State Development Bank of China Chen Yuan and the President of the State Corporation “Bank for Development and Foreign Economic Affairs” of Russia V. Dmitriev were the chairmen of the SCO IBC Council of the 1st and 2nd convocations in 2005-2006 and in 2006-2007 respectively.
The SCO IBC Council is currently headed by the President of the Governing Board of the Development Bank of Kazakhstan M. Sagindykov.

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