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SCO to set up a development bank

Updated: 2012-05-29 20:06
By Li Xiaokun ( chinadaily.com.cn)

The Shanghai Cooperation Organization will establish a development bank to support member countries' projects and help fend off financial crises, a senior Chinese diplomat announced on Tuesday.

"We will establish a development bank to increase financing channels for domestic and multilateral projects of the member states, jointly fend off financial crises, and collectively participate in and shape the international financial system," Vice-Foreign Minister Cheng Guoping said at a forum on the upcoming SCO summit due to take place in Beijing from June 6 to 7.

"In the next 10 years, China will continue to inject funds into the SCO special account and the development bank, and will continue to provide concessional loans and assistance to other member states," Cheng said.

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