Development Bank of Mongolia becomes partner of SCO Interbank Consortium

2016-06-24 14:09:53

Ulaanbaatar /MONTSAME/ Mongolia’s Development Bank became a partner of the Interbank Consortium of the Shanghai Cooperation Organization (SCO IBC) according to a decision made at a meeting of the SCO IBC Council in Tashkent June 23.

During the meeting, chaired by Uzbekistan’s National Bank for Foreign Economic Activity, the Council members also discussed the elaboration of the SCO IBC development strategy for 2017-2021, more active cooperation with the Silk Road Foundation, and the cooperation with international financial organizations operating in the SCO area.

Kazakhstan’s Development Bank was elected the bank-chairman of SCO IBC for 2016-2017.

The Shanghai Cooperation Organization Interbank Consortium (SCO IBC) was established on October 26, 2005 under a decision made by the Council of Heads of SCO Member States.

The IBC incorporates the following SCO member states’ authorized banks and credit institutions: Kazakhstan’s Development Bank, China State Development Bank, Kyrgyzstan’s RSK Bank, Russia’s State Corporation Bank for Development and Foreign Economic Affairs, Tajikistan’s State Savings Bank Amonatbonk and Uzbekistan’s National Bank for Foreign Economic Affairs, reports