By the end of the year of 2017, the Shanghai Cooperation Organization (SCO) Interbank Consortium has allocated 80 billion U.S. dollars (USD) and 114 billion Yuan (equivalent to 17.81 billion USD) for implementation of development projects in the SCO member nations, Mr. Zhijie Zheng, Vice-Chairman & President of China Development Bank (CDB), noted today while delivering a statement at the bank presentation ceremony in the SCO Headquarters in Beijing, according to the SCO press center.
The ceremony was attended by the SCO Secretary-General Rashid Olimov, ambassadors of the SCO member nations, experts and representatives of media.
The SCO Interbank Consortium has already participated in implementation of a number of large projects, Mr. Zhijie Zheng said.
According to him, the funds have been allocated to support implementation of the projects aiming at enhancing infrastructure construction, developing small and medium-sized enterprises (SMEs) and implementation of specific social projects.
The loans have been allocated for implementation of projects aiming at development of Chinese-Russian oil cooperation and trade, construction of oil pipeline between China and Central Asia’s nations as well as projects aiming at enhancing the agrarian sector in Tajikistan developing SMEs in Uzbekistan, CSDB president added.
China Development Bank provides various banking and financial products and services in the People’s Republic of China and internationally. The company operates through Banking, Equity Investment, Leasing, and Securities segments. The Banking segment is involved in corporate banking operations, including lending, deposits, agency services, consulting and advisory services, cash management, remittance and settlement, and custody and guarantee services; and debt issuance operations. It also engages in treasury operations, such as money market and foreign exchange transactions, bond investments, customer-based interest rate and foreign exchange derivative transactions, and asset and liability management operations. The Equity Investment segment is involved in equity investment activities. The Leasing segment provides finance and operating leases. The Securities segment is involved in security brokerage, proprietary trading, and underwriting operations. China Development Bank also provides non-securities investment, and investment management and advisory services; and fund investment and management services.
The Shanghai Cooperation Organization (SCO) is a Eurasian political, economic, and security organization, the creation of which was announced in Shanghai on June 15, 2001, The SCO now has eight full members — China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan and Uzbekistan. Afghanistan, Belarus, Iran and Mongolia are four observer states, and SCO’s dialogue partners include Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka and Turkey. ACEAN, CIS and Turkmenistan are guest attendances.
