China’s Foreign Minister Wang Yi announced on Monday that member states of the Shanghai Cooperation Organization (SCO) have decided to establish a Development Bank aimed at strengthening regional economic cooperation, reported Reuters.
Speaking in Tianjin, where the SCO countries held the deleberations, the minister said the organisation will soon launch the process to create the financial institution, which is expected to play a crucial role in funding infrastructure and development projects across the bloc.
“The SCO Development Bank will give a strong boost to infrastructure development and inject fresh momentum into the economies of member countries,” Yi noted as a part of the Tianjin Declaration.
The announcement came as Chinese President Xi Jinping, in his inaugural address to the 25th SCO Summit, urged member states to accelerate work on the bank, pointing to the growing appeal of the 10-nation grouping, according to a PTI report.
Xi noted that the SCO has evolved into the world’s largest regional organisation, encompassing 26 countries in various forms of partnership, cooperating in over 50 areas, and generating a combined economic output of nearly $30 trillion.
China has long championed the establishment of an SCO Development Bank, drawing parallels with other multilateral institutions such as the BRICS New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB). Both headquartered in China, these banks were initially seen as rivals to the IMF, World Bank and Asian Development Bank (ADB), but they now actively collaborate with them through co-financing mechanisms.
What else was in the Tianjin Declaration?
Alongside the decision to launch the process for the SCO Development Bank, the Tianjin Declaration also unveiled several key developments aimed at deepening cooperation within the bloc.
Reuters reported that the SCO dialogue partners and observers have been merged into a new category of SCO partner countries, formally expanding the organisation’s “family” to 27 members. Chinese Foreing Minister Wang Yi also noted that Pakistan and Armenia have officially established diplomatic relations under the SCO framework.
The declaration further stressed the bloc’s collective stance on global governance, strongly opposing the militarisation of the information and communication technology sphere. According to the news agency, this year's delcaration further committed member states to strengthen cooperation in drug control and to hold the upcoming SCO Plus Dialogue on security issues in Uzbekistan.
Additionally, the document stressed that expanding exchanges and cooperation with the United Nations and its specialised structures remains a priority in the organisation’s international relations.
Speaking in Tianjin, where the SCO countries held the deleberations, the minister said the organisation will soon launch the process to create the financial institution, which is expected to play a crucial role in funding infrastructure and development projects across the bloc.
“The SCO Development Bank will give a strong boost to infrastructure development and inject fresh momentum into the economies of member countries,” Yi noted as a part of the Tianjin Declaration.
The announcement came as Chinese President Xi Jinping, in his inaugural address to the 25th SCO Summit, urged member states to accelerate work on the bank, pointing to the growing appeal of the 10-nation grouping, according to a PTI report.
Xi noted that the SCO has evolved into the world’s largest regional organisation, encompassing 26 countries in various forms of partnership, cooperating in over 50 areas, and generating a combined economic output of nearly $30 trillion.
China has long championed the establishment of an SCO Development Bank, drawing parallels with other multilateral institutions such as the BRICS New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB). Both headquartered in China, these banks were initially seen as rivals to the IMF, World Bank and Asian Development Bank (ADB), but they now actively collaborate with them through co-financing mechanisms.
What else was in the Tianjin Declaration?
Alongside the decision to launch the process for the SCO Development Bank, the Tianjin Declaration also unveiled several key developments aimed at deepening cooperation within the bloc.
Reuters reported that the SCO dialogue partners and observers have been merged into a new category of SCO partner countries, formally expanding the organisation’s “family” to 27 members. Chinese Foreing Minister Wang Yi also noted that Pakistan and Armenia have officially established diplomatic relations under the SCO framework.
The declaration further stressed the bloc’s collective stance on global governance, strongly opposing the militarisation of the information and communication technology sphere. According to the news agency, this year's delcaration further committed member states to strengthen cooperation in drug control and to hold the upcoming SCO Plus Dialogue on security issues in Uzbekistan.
Additionally, the document stressed that expanding exchanges and cooperation with the United Nations and its specialised structures remains a priority in the organisation’s international relations.
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