Tashkent, Uzbekistan (UzDaily.com) -- On 30 October 2020, a regular meeting of the Council of the Interbank Association of the Shanghai Cooperation Organization (ICO SCO) in the format of a video conference was held.

The heads of the development institutions of the SCO ICO made reports on the agenda of the meeting, where they paid special attention to the fight against the pandemic through joint efforts, the importance of implementing the SCO ICO Roadmap to overcome the consequences of the pandemic for the organization's economies and currencies in the SCO space.

Within the framework of the meeting, the National Bank of Uzbekistan proposed to unite efforts in overcoming the consequences of the pandemic by effectively using the financing model for SMEs, to continue the implementation of the "Program of Multilateral Trade and Economic Cooperation of the SCO Member States" and to finance large infrastructure projects by introducing innovative structuring models, as well as to deepen relations on information exchange at the SCO platform.

Chairman of the State Development Bank of China Ch.Huan announced the establishment of a special credit program to support and restore enterprises in the basic sectors of the economy. It is proposed, on the basis of the principle of mutual benefit, to stabilize the regional supply and production chain, as well as to give focus to the implementation of new infrastructure projects, taking into account the concepts of "Big Data", artificial intelligence and a smart city.

Igor Shuvalov, Chairman of the VEB.RF State Development Corporation, noted that the first developed "Road Map" for overcoming the consequences of the pandemic would give impetus to trade and investment, and expand the exchange of best practices in the field of combating the consequences of the pandemic.

It should be noted that the road map envisages the formation of a base of promising projects in the SCO space, the development of innovative mechanisms and instruments for structuring the financing of infrastructure projects, including the development of “green” financing.

Implementation of the agreements reached on joint approaches to expanding the use of national currencies in the SCO space will help identify new points of economic growth of the SCO member states, stimulate mutual trade and investment. The practice of financing in national currencies in the implementation of joint projects in the SCO area has enormous potential.

Thus, the National Bank of Uzbekistan last year attracted a credit line from the CDB in the amount of 500 million yuan to finance SME projects. Work is actively continuing with other partners from China, within the framework of the One Belt, One Road program in the SCO space.

Along with this, intergovernmental agreements with the State Development Corporation "VEB.RF" are being implemented on the supply of high-tech equipment to the Republic of Uzbekistan, settlements for which are carried out in Russian rubles. Currently, the Russian side is working on new mechanisms for financing projects in rubles with the involvement of the Russian Export Center, on subsidized terms.

In general, at the meeting of the Council, the heads of member banks highly appreciated the success of the chairmanship of the State Development Corporation VEB.RF on the SCO IBO platform and the achievement of significant results.

As a result of the event, member banks signed such important documents as the "Road Map" to overcome the consequences of the pandemic for the economies of the organization and "Joint Approaches to Expanding the Use of National Currencies" in the SCO space.