The SCO IBA Roadmap for overcoming the effects of the pandemic was adopted

As a result of the 16th meeting of the Council of the Interbank Association of the Shanghai Cooperation Organization (hereinafter referred to as the SCO IBA, the Association), the SCO IBA Roadmap for overcoming the consequences of the pandemic for the organization's economies was adopted, as well as agreement on joint approaches to expanding the use of national currencies in the SCO space.

Representatives of JSC “Development Bank of Kazakhstan” (a subsidiary of JSC “National Managing Holding “Baiterek”, hereinafter - DBK, Development Bank), headed by the Chairman of the Bank's Management Board, Abay Sarkulov, took part in the 16th Meeting of the SCO IBA, which was held in an online meeting under the chairmanship of the state development Corporation VEB.RF.

The meeting was also attended by representatives of financial organizations that are members of the SCO IBA Association: China Development Bank, RSK-Bank (Kyrgyzstan), State Savings Bank of Republic of Tajikistan "Amonatbonk", The National Bank for Foreign Economic Affairs of the Republic of Uzbekistan, Habib Bank Limited (Pakistan) and India Infrastructure Finance company Ltd.

The meeting discussed the joint actions of the SCO IBA, ensuring the recovery and growth of the economies of the Organization's states. The parties positively assessed the work carried out by the member banks of the SCO IBA in order to form a Roadmap for overcoming the consequences of the pandemic for the economies of the organization, which was adopted following the meeting.

"This year has been difficult for the entire banking system of our country. The volatility of the exchange rate under the influence of various factors tested the effectiveness of our risk management system. The COVID-19 outbreak has had and continues to have a significant impact on businesses in the country and economic environment. For the Development Bank, the exchange of experience between member banks of the SCO IBA in anti-crisis measures is an important area, especially in the framework of providing support to companies and enterprises in the most affected industries, including export-oriented business entities. Therefore, we hope that the Roadmap we have adopted will contribute to the development of investment, trade and economic cooperation in order to stabilize the economies of the SCO countries and achieve sustainable development, "said the head of the DBK Abay Sarkulov.

The parties also recognized the importance of expanding the practice of using national currencies in the SCO economic space and welcomed the signing by interested parties of the SCO IBA Joint approaches to the issue of expanding the use of national currencies in the SCO space, aimed at increasing the role of national currencies in trade, economic and investment cooperation of the SCO member states.

“The main result of the work of the SCO IBA was the preparation and joint signing of two documents: the SCO IBA Roadmap for overcoming the consequences of the pandemic for the organization's economies and Joint Approaches to the issue of expanding the use of national currencies in the SCO space. “The new growth model should be more sustainable and take into account social, environmental, sanitary and epidemiological risks. As the economies restart, we will continue to implement integration initiatives, including cooperation through the Evrazes, the "one belt, one road" format with an eye on the formation of the Greater Eurasian Partnership, ”said Igor Shuvalov, Chairman of VEB.RF

At the invitation of the SCO IBA Chairman, the meeting was attended by representatives of the partner banks of the SCO IBA, OJSC “Savings Bank Belarusbank”, Development Bank of Mongolia, Eurasian Development Bank (EDB), as well as OJSC “Bank BelVEB”, which was invited as a guest.

Based on the results of the online meeting, Ikromi Sirojiddin Salom, Chairman of the Board of the State Savings Bank of the Republic of Tajikistan "Amonatbank", was elected as Chairman of the SCO IBA Council for 2020-2021.

The SCO IBA was established on October 26, 2005, the main areas of activity are the organization of financing of investment projects, the development of interaction with authorized financial institutions of the observer states and SCO dialogue partners, cooperation with the leading economic structures operating in the SCO space (the SCO Business Council, Eurasian Development Bank ), exchange of experience and cooperation in the field of personnel training.

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