Kyrgyz Prime Minister Urges SCO Members to Accelerate Creation of Development Bank & Fund
During the 22nd Meeting of the Council of Heads of Government of the Shanghai Cooperation Organization (SCO) Member States, Kyrgyz Prime Minister Akylbek Japarov called upon SCO member states to expedite the establishment of the SCO Development Bank and Development Fund. Japarov highlighted that discussions regarding the creation of these structures had been ongoing for a considerable time.
According to Japarov, these proposed institutions would play a crucial role in facilitating the implementation of joint projects among SCO member states. Additionally, they would promote the gradual increase in the use of national currencies for mutual settlements between member states. Japarov expressed his optimism in reaching a consensus on this crucial issue within the current SCO meeting.
The Kyrgyz Prime Minister emphasized the significance of developing economic cooperation among SCO members, citing it as one of the critical topics under discussion. He emphasized the importance of continued collaborative efforts to strengthen cooperation in various sectors such as trade, production, energy, transport, investment, finance, agriculture, customs, telecommunications, and the development of artificial intelligence technologies.
It is worth noting that the SCO is an important regional organization that aims to enhance mutual trust and cooperation among member states. The organization comprises eight member states, including China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, India, and Pakistan. Established in 2001, the SCO has gradually expanded its focus from security-related issues to encompass economic and cultural cooperation as well.
In recent years, SCO member states have been actively exploring avenues to deepen economic ties and capitalize on the immense potential for mutually beneficial collaborations. The establishment of the SCO Development Bank and Development Fund would serve as vital mechanisms to facilitate these efforts and unlock new opportunities for economic growth and prosperity within the region.
As discussions continue during the SCO meeting, member states will deliberate on various areas of cooperation to further strengthen economic ties. The outcomes of these discussions are eagerly awaited, as they have the potential to shape the trajectory of regional economic integration, trade, and investment.
In conclusion, Kyrgyz Prime Minister Akylbek Japarov’s call to expedite the creation of the SCO Development Bank and Development Fund underscores the organization’s commitment to fostering economic cooperation among member states. These proposed institutions would play a crucial role in facilitating joint projects and increasing the use of national currencies for mutual settlements. The SCO’s continued efforts to enhance economic cooperation hold great promise for the region’s sustainable development and prosperity.
