Shanghai Cooperation Organization’s Members Approve Creation of Development Bank in Tianjin Declaration

The member states of the Shanghai Cooperation Organization (SCO) have agreed to establish a Development Bank, according to the Tianjin Declaration adopted at the Council of Heads of State meeting.

The document states that interested member states, reaffirming the importance of creating a SCO Development Bank, have agreed to proceed with its establishment and to intensify consultations on the operation of the new financial institution, The Caspian Post informs via Uzbek media.

The declaration also voices support for reforming the international financial system, which, in the view of SCO members, should ensure broader representation and strengthen the role of developing countries in the governing bodies of key global financial institutions, including the International Bank for Reconstruction and Development and the International Monetary Fund.

In addition, the document underscores the importance of consistently implementing the roadmap that envisions an expanded use of national currencies in settlements among SCO member states.