The council’s Chairman, Vnesheconombank President Vladimir Dmitriyev, delivered a report on the results of the consortium’s activity in 2015.

The participants discussed the consortium’s current agenda and future prospects, and exchanged opinions on the proposed creation of an international centre for pre-project financing.

The sides stated the importance of developing cooperation with new financial institutions within the SCO and in the Asian region, including the Silk Road Fund, whose head, Wang Yanzhi, was also present at the meeting as a special guest. The meeting produced a resolution to assign Habib Bank Ltd. (Pakistan) partner bank status in the SCO Interbank Consortium.

A joint statement marking the tenth anniversary of the consortium was signed. The document sums up the results of the joint activity of the consortium’s member banks over the past years and outlines areas and priorities for future cooperation.

The document states, in part, that co-funding investment projects of economic significance for the SCO member states remains a key objective of the consortium. To that end, Regulations on Interaction Among the Member Banks of the SCO Interbank Consortium on the Selection, Evaluation and Implementation of Investment Projects were adopted, a database of potential investment projects was created and is being constantly updated, a working group to consider joint investment projects was formed, and an investment guarantee and insurance mechanism was set up.

In order to ensure the effective implementation of the SCO Interbank Consortium’s Further Development Strategy for the Mid-Term Perspective (2012-2016), the member banks pledged to work towards a gradual transition from a bilateral cooperation format in funding development projects to a multilateral one and to study prospects for a broader use of national currencies in mutual transactions and loans to other SCO member states.

Chairman of the Board of the National Bank of Uzbekistan for Foreign Economic Activity Saidahmad Rahimov was elected Chairman of the Council of the SCO Interbank Consortium for the next term, starting from 26 October 2015.