Tashkent, Uzbekistan (UzDaily.com) -- On 16 May 2022, a meeting of experts and coordinators of the Interbank Association of the Shanghai Cooperation Organization (SCO IBC) was held in the city of Bukhara under the chairmanship of the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan as part of the chairmanship of the Republic of Uzbekistan in the SCO in 2021 -2022.

The event was attended by leading development institutions of the SCO member states - the Indian Republic, the Republic of Kazakhstan, the Kyrgyz Republic, the People’s Republic of China, the Islamic Republic of Pakistan, the Russian Federation, the Republic of Tajikistan.

In accordance with the concept of the chairmanship of the Republic of Uzbekistan in the SCO in 2021-2022, approved by the resolution of the President of the Republic of Uzbekistan from 23 October 2021, one of the priority areas is to strengthen the economic dimension in the activities of the SCO by expanding favorable conditions for stimulating growth trade and investment cooperation, industrial cooperation, development and implementation of joint infrastructure projects.

In this regard, the National Bank proposed draft documents for consideration by IBO member banks, namely:

1. Plan of joint actions of SCO IBC member banks to support and develop intra-regional economic cooperation of the SCO in the medium term (2022-2027);

2. Framework principles on financial interaction and cooperation of member banks of the SCO IBC.

The main initiative of the chairmanship of the National Bank is aimed at stimulating the growth of mutual trade turnover and investment cooperation between the SCO countries, developing industrial cooperation, financing infrastructure projects and further practical implementation of the SCO Multilateral Trade and Economic Cooperation Program for 2021-2025.

On the part of the SCO IBC member banks, the importance and timeliness of the documents initiated by the Uzbek side were noted, including that the above documents are constructive in accordance with the current new situation in the region and will help attract investment, the cyclical development of the SCO regional economies, and strengthen pragmatic financial cooperation as part of the Belt and Road Initiative and the implementation of new projects in the field of innovative technologies, the digital economy, the construction of industrial parks, medicine and healthcare, energy and agriculture.

The developed documents will serve as an innovative solution for the economic development of the region of the SCO member states, including the successful implementation of infrastructure projects of IBO member banks.

As a result of the event, the parties approved the above initiatives of the National Bank and approved the protocol of the Meeting of Experts and Coordinators of the SCO IBC, according to which the XVIII meeting of the SCO IBC Council will be held in September this year in the city of Samarkand, traditionally on the eve of the meeting of the SCO Council of Heads of States.