OREANDA-NEWS. November 10, 2011. SCO Interbank Consortium member banks approved a Strategy of Further Development of the SCO Interbank Consortium for a Mid-Term Perspective (2012-2015) in the course of a meeting of the Council of SCO member states heads of governments in the city of Saint-Petersburg.

The document aims to more precisely identify priorities of joint activity taking into account actual tasks set by SCO member states, expand activity , enlist the services of observer states and SCO dialogue partners and monitor joint regional investment projects being implemented.

Vnesheconombank Chairman Vladimir Dmitriev proposed that this document was worked out at the 6th session of the SCO Interbank Consortium Council in 2010.

Before the session of the Council of SCO member states heads of governments there was an informal meeting the SCO Interbank Consortium Council where heads of the SCO Interbank Consortium member banks discussed issues of their current and future cooperation and summed up their performance for 2011.

In order to create a common business information space as a very important instrument for enhancing economic ties between SCO member states an International Business Forum ‘The Moscow Business SCO Dialogue” was held in Moscow on the same day. The Forum’s participants discussed issues of information technologies development, internet-communications, electronic commerce, exhibition activities, cooperation in power engineering, youth entrepreneurship and interaction between small and medium businesses.

The Shanghai Cooperation Organization Interbank Consortium was established on October 26, 2005. Its activity is aimed at supporting interregional economic development. The Interbank Consortium incorporates the following SCO member states’ authorized banks: the Kazakhstan Development Bank, the China State Development Bank, RSK Bank (Kirgizia), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Tajikistan State Savings Bank ‘Amonatbank’, and the Uzbekistan National Bank for Foreign Economic Affairs. The China State Development Bank has been the Chairman of the SCO Interbank Consortium since October 26, 2011.