Kyrgyzstan proposes to create SCO Bank
By Vusala Abbasova
Kyrgyzstan is ready to share its vast experience in the banking sector to help create the mechanisms to establish a lending institution for the Shanghai Cooperation Organization (SCO), says Kyrgyz President Almazbek Atambayev.
Atambayev plans to propose the creation of the SCO Bank at the SCO Summit, scheduled to be held in Ufa on July 8-10, 2015.
"We propose the Bank to be headquartered in Bishkek, because we already have great experience in the banking sector," Atambayev noted.
For this purpose, Kyrgyzstan is ready to hold a meeting of finance ministers and the heads of national state-owned banks of the SCO five member states.
"There is a program of a long-term cooperation in trade and there is a list of events, which the SCO countries and observers hold together," the president said explaining his initiative.
Atambayev clarified the need for a feasibility study to assess costs and financial viability of establishing the SCO Bank.
Member states will discuss the adoption of the SCO development strategy for 2015-2025, which would establish peace and stability along the member states’ borders, Atambayev further said.
The SCO development strategy, containing military and political provisions, reflects the desires of the SCO member states for the next 10 years.
The Shanghai Cooperation Organisation is a permanent intergovernmental international organization creation of which was proclaimed on 15 June 2001 in Shanghai (China) by Kazakhstan, China, Kyrgyzstan, the Russian Federation, Tajikistan and Uzbekistan. Its prototype is the Shanghai Five mechanism.
Currently, Afghanistan, India, Iran, Mongolia and Pakistan hold observer status within the SCO, while Belorussia, Turkey and Sri Lanka are dialogue partners.
Any country wishing to become a member of the SCO should undergo a three-stage process: dialogue partner, observer, and then membership.
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