Tashkent, Uzbekistan (UzDaily.com) -- The online conference of the SCO Interbank Association was chaired by the State Development Corporation VEB.RF, on 23-24 April.

It was attended by the heads of SCO development institutions, representatives of member banks of the SCO Interbank Association, including the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan, the Development Bank of Kazakhstan, China Development Bank, RSK Bank OJSC (Kyrgyz Republic), Habib Bank Limited (Islamic Republic of Pakistan) and the State Savings Bank of the Republic of Tajikistan “Amonatbonk”.

Close cooperation issues in the fight against a new global challenge – the rapid spread of coronavirus infection were discussed at the conference. Participants shared relevant information on effective practical measures taken in the SCO member states and aimed at mitigating the effects of the pandemic and avoiding the risks of the negative impact on economic sectors and ongoing investment projects.

Significant attention was given to investment projects, financing business entities and urban infrastructure projects, which are most vulnerable during the pandemic.

Issues of expanding the use of national currencies in the SCO’s trade and economic cooperation and ongoing measures to increase the share of financing of small business and private entrepreneurship projects were discussed. Negotiations were held with the Chairman of the State Development Corporation VEB.RF Igor Shuvalov and the President of China Development Bank Ouyang Weimin.

Projects in hydropower and thermal power sectors, as well as the transport sphere are financed at the expense of VEB.RF’s $212.8 million loan.

The State Development Corporation VEB.RF announced its readiness to continue further financing the current projects, to additionally finance a project in the transport sector for $16 million.

The National Bank for Foreign Economic Affairs of the Republic of Uzbekistan has attracted a lines of credit from China Development Bank for $758.3 million. Small business and private entrepreneurship projects, as well as investment projects in the sphere of transport, are financed.

Following the conference, member banks of the SCO Interbank Association agreed upon regular conduction of consultations on mitigating the consequences of the pandemic on the economies of the SCO member states and have agreed to create a roadmap indicating practical measures.