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Bank of Uzbekistan participates in meeting of Interbank Consortium of SCO

Finance Materials 24 April 2020 12:36 (UTC +04:00)
Bank of Uzbekistan participates in meeting of Interbank Consortium of SCO

By Ilkin Seyfaddini - Trend:

An online conference of the Interbank Consortium (IBC) of the Shanghai Cooperation Organization (SCO) chaired by Russian State Development Corporation VEB.RF has been held on April 23-24, Trend reports with reference to the National News Agency of Uzbekistan.

It was attended by heads of the SCO development institutions and representatives of member banks of the SCO IBC, including National Bank for Foreign Economic Activity of Uzbekistan (Uznatsbank), Development Bank of Kazakhstan, the State Development Bank of China, RSK Bank OJSC (Kyrgyzstan), Habib Bank Limited (Pakistan) and the Amonatbonk of Tajikistan, the message said.

The participants discussed issues of close cooperation in the fight against a new global challenge - the rapid spread of coronavirus infection. They shared relevant information on effective practical measures taken in the SCO member states aimed at mitigating the impact of the pandemic and preventing risks of negative impact on the economy and ongoing investment projects.

Special attention was paid to investment projects, financing of business entities and urban infrastructure projects, which are most vulnerable during the pandemic, the report says.

The conference also discussed the issues of expanding the use of national currencies in trade and economic cooperation of the SCO and the ongoing measures to increase the share of financing small business and private entrepreneurship projects.

Earlier, $212.8-million credit was attracted by VEB.RF to finance projects in hydro- and heat power, and transport spheres in SCO member countries, the report said.

VEB.RF informed about its readiness to additionally finance the projects in the transport sphere by allocated $16 million.

Following the conference, the member banks of the Shanghai Cooperation Organization's Interbank Consortium agreed to hold regular consultations on mitigating the consequences of the pandemic on the economies of the SCO member countries and agreed to create a road map with practical measures.

Recently, JSC National Bank for Foreign Economic Activity of Uzbekistan has attracted credit lines of the State Development Bank of China for $758.3 million to finance small business and private entrepreneurship projects as well as investment projects in the transport sector.

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