SCO Member States Agree to Launch New Development Bank Following Summit In China

Member states of the Shanghai Cooperation Organization (SCO) have agreed to establish a Development Bank, according to the statement issued after the SCO Heads of State Summit in China.

The statement also emphasizes support for reforms of the international financial architecture, aiming to boost the representation and influence of developing countries within the governing bodies of institutions such as the International Monetary Fund and the International Bank for Reconstruction and Development, The Caspian Post reports via local media.

Furthermore, it highlights the importance of executing a roadmap to progressively increase the use of national currencies in mutual settlements among SCO members.