Proposal to Establish SCO Financial Institution by Daniyar Amangeldiev
Minister of Economy of Kyrgyzstan Proposes Creation of SCO Financial Institution
Bishkek – 24.kg news agency
On July 9, 2024, Minister of Economy of Kyrgyzstan, Daniyar Amangeldiev, proposed the creation of a financial institution for the Shanghai Cooperation Organization (SCO) at the INNOPROM-2024 exhibition in Yekaterinburg.
Amangeldiev emphasized that establishing this institution would mark a significant milestone in the integration processes within the SCO. The issue of mutual settlements and a unified budget policy is currently on the agenda for the organization.
“The creation of such institutions has been under discussion for quite some time, and the draft agreement is being reviewed by the parties involved. It is crucial to expedite progress on this matter, as it is one of the key components for enhancing economic cooperation within the SCO. This involves introducing effective financial mechanisms through the establishment of a development bank or SCO development fund,” stated Daniyar Amangeldiev.
Furthermore, the official highlighted how the SCO has evolved from a regional cooperation entity into an international organization that will need to generate its own ideas and innovations moving forward.
As discussions continue, it will be interesting to see how this proposal develops and the potential impact it could have on the economic landscape within the SCO.
