On 29 October 2024, Beijing hosted a seminar of the SCO Interbank Consortium (IBC) on consolidating financial power, deepening regional cooperation, and seeking joint development. Sponsored by the State Development Bank of China, the seminar was attended by delegations from IBC member banks and partner banks, as well as representatives of the PRC Ministry of Commerce and the SCO Secretariat.
The seminar programme provides for development institutions exchanging experience and best practices on financial support for transport infrastructure, exchanging opinions on how to assess international projects, managing loans and preventing risks. They also discussed how to use the capabilities of the Demonstration Zone for China-SCO regional trade and economic cooperation in Qingdao.
The SCO Interbank Consortium was established in 2005 under the Agreement on Interbank Cooperation (Unification) within the SCO. The main aim of this mechanism is to finance investment projects supported by the governments of member states.