The SCO Deputy Secretary-General Anvar Nasirov said the experts developed main principles of formation and functioning of the SCO Development Fund in August 2009. The SCO member states are considering the document, he said.

The fund will be used to finance projects, directed at developing regional economic cooperation. The SCO member states will contribute to the fund on voluntary bases. The fund’s size is not disclosed.

However, the SCO Interbank Union considered over 30 important economic projects within the organization and approved 10 of them for US$1.5 billion. Meanwhile, These investments will be allocated within bilateral agreement.

The Shanghai Cooperation Organization unites China, Russia, Kazakhstan, Kyrgyz Republic, Tajikistan and Uzbekistan. Mongolia, India, Iran and Pakistan are observers in the organization.