About Shanghai Cooperation Organization (SCO)
The Shanghai Cooperation Organization (SCO) is a ten-member multilateral organization, established on 15 June 2001 by the leaders of Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. At the July 2005 Astana Summit, India was granted Observer status. In July 2015 in Ufa, Russia, the SCO decided to admit India as full member. India signed the memorandum of obligation in June 2016 in Tashkent, Uzbekistan, thereby starting the formal process of joining the SCO as full member. On 9 June 2017, at the historic summit in Astana, India officially joined SCO as full- member.
At present SCO comprises of ten member states: India, Kazakhstan, China, Kyrgyzstan, Pakistan, Russia, Tajikistan, Uzbekistan, Belarus and Iran.
SCO Interbank Consortium (SCO IBC)
The SCO Interbank Consortium (SCO IBC) was established by the Council of Heads of Government on 26 October 2005 to provide funding and bank services for investment projects sponsored by the governments of the SCO member states. The SCO IBC Council meets ad hoc upon the consensus of all of the parties at least once per year. The members of the SCO IBC are the Development Bank of Kazakhstan (JSC), China Development Bank (CDB), OJSC "Eldik Bank" - Kyrgyzstan, State Development Corporation "VEB.RF" - Russia, the State Savings Bank of the Republic of Tajikistan "Amonatbonk", India Infrastructure Finance Company Limited (IIFCL), Habib Bank Limited – Pakistan, the National Bank for Foreign Economic Activity of the Republic of Uzbekistan and OJSC Savings Bank ‘Belarusbank’.
The priority areas of cooperation within the SCO IBC include: providing funding for projects that focus on the infrastructure, basic industries, high-tech industries, export-oriented sectors, and social projects; issuing and making loans based on the generally accepted international banking practices; organising pre-export financing to stimulate trade and economic cooperation between the SCO Member States, and other areas of common interest.
IIFCL-Chair for SCO IBC 2022-23
Under the SCO forum, the Presidency of the Council is carried out on a rotational basis. As and when the presidency passes on to a member state in the SCO IBC forum, the next member state is nominated for passing on the presidency. As India assumed the presidency of SCO for 2022-23, IIFCL is the chair of SCO-IBC from 26th October 2022 to 25th October 2023. During its period of chairmanship, IIFCL has proposed to hold 3 meetings- The Meeting of SCO IBC Experts and Coordinators (20-23 December, 2022 Hybrid Mode), Capacity Building Seminar on Marquee Infrastructure (8 February, 2023 Online) and The Meeting of SCO IBC Council (25-28 April, 2023 Hybrid Mode).