OREANDA-NEWS. June 04, 2010. The sixth annual meeting of the SCO Interbank Consortium Council chaired by the China State Development Bank took place in Beijing. Chairman of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Vladimir Dmitriev participated in the meeting.

The meeting’s participants discussed the prospects of using national currencies in making mutual payments and financing investment projects, issues of using public private partnership principles within the SCO and further upgrading of the mechanism for using SCO member countries’ capital and stock markets.

Vnesheconombank Chairman Vladimir Dmitriev launched an initiative for working out mid and long—term strategies on developing the SCO Interbank Consortium taking into account five years of its operating experience and new post-crisis realities. The initiative was backed by other meeting’s participants.

Speaking at the meeting, Vladimir Dmitriev stressed  that the Consortium’s activity should be aimed at fulfilling more complicated and comprehensive tasks, specifically, providing support for SCO member countries economies’ innovative development.

The Council’s members discussed the progress of the Action Program for Supporting Regional Economic Cooperation between SCO Interbank Consortium Member Banks. The Program was adopted in 2006 in Shanghai. They assessed the progress of the program as positive.

Heads of SCO Interbank Consortium member banks also discussed issues of their day-to-day activities and the ways of expanding their interaction with the SCO Business Council and financial institutions of observer states under the SCO.

Kazakhstan Development Bank Chairman Gali Iskaliev was elected as Chairman of the Interbank Consortium Council for 2010-2011.