Bishkek, Sept. 1, 2025 /Kabar/. The member states of the Shanghai Cooperation Organization (SCO) have decided to establish a Development Bank of the organization.
This is stated in the Tianjin Declaration, adopted following the 25th meeting of the Council of Heads of State of the SCO Member States, RIA Novosti reported.
The document notes that the interested states confirmed the importance of creating the SCO Development Bank and agreed to intensify consultations on its functioning.
The countries also emphasized the significant role of the Interbank Association (IBO), which over 20 years of operation has become a sought-after mechanism for interaction in the financial sector. The declaration calls for speeding up the resolution of the issue of the authorized bank of the Islamic Republic of Iran joining the IBO.
The SCO summit is being held in the Chinese city of Tianjin on August 31 - September 1. It is attended by leaders of more than 20 states, as well as representatives of international organizations.
The SCO was founded in 2001. The organization includes India, Iran, Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan, Pakistan, Uzbekistan and Belarus. Afghanistan and Mongolia are observer countries, and more than 15 countries are dialogue partners, including Turkiye, Saudi Arabia, Egypt and the United Arab Emirates.