More than 70 participants from 12 delegations of member banks of the SCO IBA took part in the seminar organized by VEB RF State Development Corporation (hereinafter - VEB.RF) in a remote format; speakers from the SCO IBA member countries were connected via video link. This year, Russia is chairing the Shanghai Cooperation Organization, and VEB is leading its work at the level of the Interbank Association.
Development banks of the SCO member states took an active part in the workshop on countering the current economic downturn caused by the Covid-19 pandemic. The seminar discussed the most pressing issues of supporting the economy during the slowdown, as well as trade in national currencies, development of project financing, public-private partnerships and urban economy in the SCO space.
DBK CEO Abay Sarkulov took part in the seminar and made a welcoming speech.
Abay Sarkulov spoke about the current activities of DBK and anti-crisis measures taken for the Bank's borrowers in the context of the crisis caused by the Covid-19 pandemic.
At this difficult time, the SCO IBA member countries face a serious task to maintain economic development and further stabilization of the economies of the SCO IBA countries. It is necessary to actively develop joint financing of projects on the territory of the SCO countries, expand the use of national currencies in trade and economic cooperation, find new forms of developing relations and partnership, and deepen economic ties within the SCO.
In conclusion, Abay Sarkulov thanked the participants of the seminar for their fruitful work and exchange of experience during the seminar, as well as the Chairman of the VEB.RF Igor Shuvalov for the high level seminar held remotely for the first time in the history of the SCO IBA via videoconference.
The SCO IBA was established in accordance with the resolution of the Council of State Leaders of the SCO member states to establish 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 areas of activity are organization of financing of investment projects, development of interaction with authorized financial institutions of the SCO observer states and dialogue partners, cooperation with leading economic structures operating in the SCO space (the SCO Business Council, the Eurasian Development Bank), exchange of experience and cooperation in personnel training.
Besides DBK, SCO IBA includes VEB.RF, the State Development Bank of China, RSK Bank (Kyrgyz Republic), Habib Bank Limited (Pakistan), Indian Infrastructure Finance Company, State Savings Bank of the Republic of Tajikistan "Amonatbank", National Bank for Foreign Economic Activity of the Republic of Uzbekistan. The dialogue partners are the Eurasian Development Bank, Belarusbank Savings Bank and Development Bank of Mongolia.
Development Bank of Kazakhstan JSC (DBK) is a National Development Institute for the modernization and development of non-resource and infrastructure sectors of the economy of Kazakhstan, established in 2001. Main activities: development of production infrastructure and manufacturing industry, promotion and attraction of foreign and domestic investment in the country's economy. DBK is a part of Baiterek National Managing Holding JSC.
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