On October 26, 2005 the Shanghai Cooperation Organisation Heads of Governments (Prime Ministers) Council took a decision to establish the SCO Interbank Consortium and signed the Agreement on Interbank Cooperation (Consortium) in the SCO framework.
The members of the SCO IBC are the Development Bank of Kazakhstan, the State Development Bank of China, the Settlement & Savings Company of the Kyrgyz Republic "RSK Bank", the Bank for Development and Foreign Economic Affairs of the Russian Federation "Vnesheconombank", the State Savings Bank of the Republic of Tajikistan "Amonatbonk", the National Bank for Foreign Economic Activity of the Republic of Uzbekistan.
The main goal of creating the Interbank Consortium in the SCO framework consists in setting up a mechanism of funding and banking services for investment projects supported by the governments of the SCO member states.
The priority areas of cooperation in the SCO IBC are as follows:
- To provide funding for the implementation of projects with emphasis on infrastructure building, basic branches, high technology, export-oriented economic sectors, projects of social significance;
- To grant and attract loans based on the generally accepted international banking practice;
- To arrange pre-export funding with the aim of stimulating trade economic links among the SCO member states;
- To share information on potential clients and cooperation projects in accordance with the Agreement on the condition of observing the necessary confidentiality;
- To train personnel, organise delegation exchange and internship, conduct business seminars;
- Other areas of common interest.
The SCO IBC member banks constitute the Council comprised of one representative from each party (as a rule, in the capacity of chief executive officer from each party).
The Council meets ad hoc upon consensus of all parties, at least once a year.
The scope of competence of the SCO IBC Council includes:
- Coordination of the parties' current activity in accordance with the Agreement;
- Determining new potential projects;
- Considering the process of project implementation;
- Approving the Annual Report on the IBC activity to be forwarded to SCO Secretary-General for its further submission to the SCO decision-making bodies;
- Interacting with other financial and banking institutions.
Presidency of the Council is carried out on a rotational basis. The current chair of the SCO IBC for the duration of 26 October 2013-25 October 2014 is the State Savings Bank of the Republic of Tajikistan "Amonatbonk".