China’s Foreign Minister Wang Yi announced on Monday that member states of the Shanghai Cooperation Organization (SCO) have decided to establish a Development Bank aimed at strengthening regional economic cooperation, reported Reuters.
Speaking in Tianjin, where the SCO countries held the deleberations, the minister said the organisation will soon launch the process to create the financial institution, which is expected to play a crucial role in funding infrastructure and development projects across the bloc.
“The SCO Development Bank will give a strong boost to infrastructure development and inject fresh momentum into the economies of member countries,” Yi noted as a part of the Tianjin Declaration.
Speaking in Tianjin, where the SCO countries held the deleberations, the minister said the organisation will soon launch the process to create the financial institution, which is expected to play a crucial role in funding infrastructure and development projects across the bloc.
“The SCO Development Bank will give a strong boost to infrastructure development and inject fresh momentum into the economies of member countries,” Yi noted as a part of the Tianjin Declaration.
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