Tashkent, Uzbekistan (UzDaily.com) -- Tashkent has once again become a platform for the leading banking and financial circles of the Shanghai Cooperation Organization (SCO) to exchange views on the development of multilateral partnerships, both in the regional and global space.

On 23 August, under the chairmanship of the National Bank for Foreign Economic Affairs of the Republic of Uzbekistan JSC (the National Bank), the XVIII meeting of the Council of the SCO Interbank Association (the SCO IBC) was held.

The meeting was attended by the development institutions of the SCO member states - the People’s Republic of China, the Republic of India, the Islamic Republic of Pakistan, the Russian Federation, the Republic of Kazakhstan, the Kyrgyz Republic, the Republic of Tajikistan, the SCO observer states - the Mongolian People’s Republic, the Republic of Belarus, as well as the international financial Institute - Eurasian Development Bank.

During the meeting chaired by the National Bank, 2 strategically important documents were developed:

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

2.Framework principles of interaction and cooperation of member banks of the SCO Interbank Association in the financial sector.

The above documents will help improve the activities of the SCO IBC, providing favorable conditions for stimulating the growth of trade turnover and investment interaction between member banks in the implementation of promising joint infrastructure projects in the SCO space, as well as the development of industrial cooperation between the SCO member states.

As a result of the event, the Council of the SCO IBC approved the “Plan of Joint Actions of the SCO IBC Member Banks to Support and Develop SCO Intra-Regional Economic Cooperation in the Medium Term (2022-2027)” and the “Framework Principles of Interaction and Cooperation of the SCO IBC Member Banks in the Financial Sphere ” and approved their further inclusion in the Samarkand Declaration, which will be adopted following the Summit of the Council of Heads of State of the SCO on September 16, 2022.

Chairmanship of the SCO IBO Council for the period 2022-2023 from October this year will be transferred to the Indian Infrastructure Finance Company.