SCO Development Bank ready to finance projects in India, Iran

SCO Development Bank ready to finance projects in India, Iran

October 17, 2014 TASS

The bank is interested in financing the construction of an oil and gas pipeline connecting Russia and India.

SCO Development Bank ready to finance projects in India, Iran
The bank’s concept offers possibilities to finance projects both in the SCO member states and its observer countries such as Iran, Mongolia, Pakistan, Afghanistan and India. Source: TASS

The Development Bank of the Shanghai Cooperation Organization (SCO) led by Russia and China will focus on financing interstate infrastructural projects and foreign trade operations, SCO Secretary General Dmitry Mezentsev said on Wednesday.

The bank’s concept offers possibilities to finance projects both in the SCO member states and its observer countries such as Iran, Mongolia, Pakistan, Afghanistan and India, Mezentsev said. India and Pakistan are expected to become full members of the grouping next year.

“The SCO Development Bank with the concept that is undergoing stage-by-stage discussions, will be focused on financing multilateral infrastructural projects,” the SCO top official said.

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The existing practice of interaction with the SCO observer states gives solid grounds to finance projects in these countries, apart from projects in the SCO founding states that comprise Kazakhstan, Kyrgyzstan, China, Russia, Tajikistan and Uzbekistan, he said.

The SCO head did not specify the projects that could be included in the Development Bank’s investment portfolio.

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