$5 billion in loans offered to members of group

China offered $5 billion in loans to other member states of the Shanghai Cooperation Organization for project financing, in a bid to provide them more flexible trade options, infrastructure facilities and security solutions to develop a regional economy.

President Xi Jinping urged SCO members to accelerate the pace of establishing an SCO financial institution to assist the regional trade of agricultural products, energy cooperation and scientific development.

"China will strengthen energy cooperation and security of oil and gas pipelines with SCO members, as well as diversify the trade of agricultural products between SCO members," Xi said during the 14th meeting of the Council of Heads of State of the SCO, held in Dushanbe, Tajikistan, on Friday.