On June 4, Vnesheconombank, now presiding in the Shanghai Cooperation Organisation’s Inter-Bank Consortium, chaired a meeting of coordinators in St. Petersburg

The delegates formulated and initialed a draft statute on cooperation with the financial institutions of SCO observer-states and the status of the SCO Inter-Bank Consortium’s presiding bank, due to be signed at the upcoming SCO summit in Yekaterinburg.

The document creates the required legal framework for establishing and maintaining relations with financial institutions of SCO observer-states. The main principles, guidelines and forms of cooperation formulated by the SCO Inter-Bank Consortium and reflected in the document will substantially influence the development of cooperation between the Consortium and financial institutions of SCO observer-states, including economic cooperation.

The delegates also initialed a draft cooperation agreement in the sphere of personnel training and experience exchanges between banks, members of the SCO Inter-Bank Consortium, due to be signed at the upcoming SCO summit in Yekaterinburg. The delegates also noted more active cooperation in the sphere of experience exchanges and personnel training.

The meeting of coordinators also discussed the Consortium’s current cooperation issues and focused on expanded cooperation with the SCO Business Council and the creation of the SCO Inter-Bank Consortium’s official website.

During the discussion, partner bank representatives said part of investment projects listed among projects recommended by Consortium participants for joint funding were being implemented despite the global financial and economic crisis.

The delegates deemed it useful to continue working to create the relevant insurance investment guarantees and insurance mechanism of the SCO Inter-Bank Consortium.

A number of initiatives aiming to streamline the activities of the SCO Inter-Bank Consortium were advanced at the meeting.

The SCO Inter-Bank Consortium, which was established on October 26, 2005, aims to promote regional economic cooperation.

The Consortium comprises the following authorized banks of SCO member-states:

The Development Bank of Kazakhstan

The China Development Bank

RSK Bank in the Republic of Kyrgyzstan

The State Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank

The State Savings Bank of the Republic of Tajikistan Amonatbonk

The National Bank for Foreign Economic Activity of the Republic of Uzbekistan

The Eurasian Development Bank has been the Consortium’s partner bank since 2008.

Vnesheconombank CEO Vladimir Dmitriyev chairs the SCO Inter-Bank Consortium’s Council in 2008-2009.