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China to allocate $5 billion credit to the SCO countries

Business Materials 12 September 2014 14:50 (UTC +04:00)
China will allocate $5 billion credit to the member-countries of the Shanghai Cooperation Organization for the implementation of joint projects
China to allocate $5 billion credit to the SCO countries

Baku, Azerbaijan, Sept. 12

By Elena Kosolapova - Trend:

China will allocate $5 billion credit to the member-countries of the Shanghai Cooperation Organization for the implementation of joint projects, Chinese President Xi Jinping said.

"China has decided to give a $5 billion loan to the SCO member states to finance joint projects in order to strengthen cooperation," Xi Jinping said at the SCO summit in Tajik city of Dushanbe Sept. 12.

Speaking about the creation of a fund for Economic Cooperation China-Eurasia Xi Jinping noted that its initial capital will hit $1 billion, but in the future it will be increased to $5 billion.

SCO summit kicked of in Dushanbe Sept. 12. The Shanghai Cooperation Organization includes Russia, China, Kazakhstan, Tajikistan, Kyrgyzstan, and Uzbekistan. Observer states are Afghanistan, India, Iran, Mongolia, and Pakistan. Belarus, Turkey and Sri Lanka have a status of partners in dialogue.

Edited by C.N.

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