Coordinators of the SCO Interbank Association Member Banks Discussed Burning Issues
05.06.2009 17:00
Vnesheconombank in the capacity of a Bank Chairman of the Council of the Shanghai Cooperation Organization Interbank Association (SCO IBA) hold a meeting of coordinators on June 4, in St. Petersburg.

As reported by the Press Service of Vnesheconombank, in the course of the meeting the coordinators of the SCO IBA member banks reconciled and initialed the draft Provision of cooperation with financial institutions of the SCO observer states and of a status of the Bank Chairman of the Council of SCO IBA. The document is planned to be signed this June in Yekaterinburg, at the SCO summit. The Provision of cooperation provides a necessary legal basis for the establishment and maintenance of relations with financial institutions of the SCO observer states. Underlying principles, areas and forms of cooperation, developed by SCO IBA and reflected in this document, will have strong influence on the development of cooperation between IBA and financial institutions of the observer states, particularly, in the economic field.

Besides, a draft Agreement on cooperation in the field of personnel training and exchange of experience between the SCO IBA member banks was initialed. This document execution is planned within the SCO summit in Yekaterinburg as well. The sitters noted the activation of cooperation in the sphere of exchange of experience and personnel training.

In the course of the coordinators meeting issues of the current cooperation of the Association were discussed, attention was given to the issues of the development of cooperation with the SCO Business Council, creation of the SCO IBA web site.

Within the discussion representatives of the partner banks stated that in spite of the global financial and economic crisis, a part of the investment projects included in the list of projects recommended by the participants of IBA for joint financing, continue to be implemented.

The participants recognized it useful to continue work on creating a mechanism of investment guarantee and insurance within SCO IBA.

At the meeting a number of initiatives on the SCO IBA activity enhancement were suggested. It will be recalled that the Shanghai Cooperation Organization Interbank Association was created on October 26, 2005. Its activity is aimed to support the regional economic cooperation. The Association includes authorized banks of the SCO member states: Bank of Kazakhstan Development JSC, State Development Bank of China, RSK Bank OJSC, Bank of Development and Foreign Economic Affairs State Corporation (Vnesheconombank), Amonatbonk State Savings Bank of the Republic of Tajikistan, and National Bank for Foreign Economic Activity of the Republic of Uzbekistan.

Since 2008 the Associations partner bank has been the Eurasian Development Bank.

Chairman of the Board of SCO IBA (during 2008-2009) is Vnesheconombank Chairman Vladimir Dmitriev.