On April 26, 2023, the XIX meeting of the Council of the Shanghai Cooperation Organization Interbank Consortium (SCO IBC) was held in India. The event was attended by SCO IBC member banks from India, Kazakhstan, China, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan.
The meeting of the IBC Council was chaired by India Infrastructure Finance Company Limited (hereinafter - IIFCL). The member banks discussed the need to further develop the potential of the SCO IBC with an emphasis on the implementation of the joint projects in priority sectors of the economy, including in the field of export–oriented industries, financing infrastructure projects, and the development of digital transformation of national economies.
DBK held a number of the bilateral meetings with the representatives of development institutions and the strategic banks of the participating states, during which the heads of financial institutions discussed the practical aspects of attracting investment in the manufacturing industry, improving and diversifying trade and investment cooperation.
By a common decision of consortium's participants, the chairmanship of the XX meeting of the SCO IBC Council from October 26, 2023 to October 25, 2024 was transferred to Development Bank of Kazakhstan.
Development Bank of Kazakhstan JSC is a national development institute specializing in financing and the development of large-scale infrastructure and industrial facilities in Kazakhstan. The main objectives of the Bank are to improve and increase the efficiency of the state investment activities; development of production infrastructure and manufacturing industry; assistance in attracting foreign and domestic investment in the country's economy.
The Interbank Consortium within the framework of the Shanghai Cooperation Organization (SCO IBC) was established pursuant to the decision of the Council of Heads of Government of the SCO member States on the establishment of a mechanism for financial support and servicing of investment projects in the economic space of the SCO member states on October 26, 2005.
The main activities of the SCO IBC are the organization of financing of investment projects, the development of cooperation with authorized financial institutions of the SCO observer states and the dialogue partners, cooperation with leading economic structures operating within the SCO space (the SCO Business Council, the Eurasian Development Bank), exchange of experience and cooperation in the field of personnel training.
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