The Shanghai Cooperation Organization Interbank Consortium (SCO IBC) was established on October 26, 2005 under the decision made by the Council of Heads of SCO Member States on creating a mechanism to financially support and service investment projects in the SCO member countries economic area (Agreement on interbank cooperation within the Shanghai Cooperation Organization).

Member banks:

  • Kazakhstan Development Bank, JSC
  • RSK Bank, OJSC (Kirgizia);
  • India infrastructure finance company;
  • China Development Bank (CDB);
  • State Development Corporation "VEB.RF";
  • State Savings Bank of the Republic of Tajikistan “Amonatbonk”;
  • Uzbekistan National Bank for Foreign Economic Affairs;
  • Habib Bank Limited (Islamic Republic of Pakistan).

The main tasks of SCO IBC are to organize funding for investment projects, enhance interaction with financial institutions of observer states and partners in the framework of SCO dialogue, cooperate with leading economic institutions operating in the SCO area (the SCO Business Council, the Eurasian Development Bank), exchange experience and cooperate in personnel training.

Partner banks:

  • Eurasian Development Bank (2008);
  • Savings Bank Belarusbank, OJSC (2012);
  • Development Bank of Mongolia (2016).

Presidency in SCO IC in 2020

In 2020 Russia is becoming a chairman of Shanghai Cooperation Organization, and VEB.RF as a key Russian development institution is assuming the role of the chairman of SCO Interbank Consortium. Within the framework of our presidency we are planning to promote the following agenda:

  • The formation of Greater Eurasian Partnership as a common space for all SCO countries for broad, open and equitable mutually beneficial cooperation from the Atlantic to the Pacific;
  • Development of ecosystem for payments in national currencies;
  • Inclusive growth through the promotion of high-quality infrastructure investments;
  • Development of alternatives to classical project financing, including export guarantees;
  • Strategic partnership for sustainable development: together towards Sustainable Development Goals 2030;
  • Development of principles of interaction between national digital platforms for infrastructure development.

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