Support The Moscow Times!

Medvedev Pushes for Financial Mechanism at Shanghai Cooperation Organization

Prime Minister Dmitry Medvedev on Wednesday called for the countries of the Shanghai Cooperation Organization to speed up work to create mechanisms to finance joint projects.

The organization, which comprises Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, is considering various financing options, including ones involving existing banking institutions as well as new mechanisms, he said, Interfax reported.

Medvedev, who met with his SCO counterparts in the Kyrgyz capital, Bishkek, said that "this would allow for more effective investment in joint economic projects," according to the news agency.

As part of the effort, member states plan to create the SCO Development Bank aimed at facilitating economic cooperation inside the organization.

Medvedev pointed out that SCO countries should proceed with further integration of their economies to ensure "sustainable development" and resist the slowdown of the global economy.

Russia officially took up the SCO presidency from Kyrgyzstan on Wednesday, with former Irkutsk Governor Dmitry Mezentsev being appointed the new secretary general of the organization.

The SCO secretaries general change every three years.

Related articles:

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more