To recall, the Inter Bank Consortium of the Shanghai Cooperation Organization (SCO) is a financial Institution which aims to finance and to offer banking services to the investment projects supported by the SCO member governments.
A multilateral framework agreement about Inter Bank Co-operation between authorized banks of the governments the members of Shanghai Cooperation Organization (SCO) was signed in October 2005 in Moscow within the framework of the session of the Council of the heads of the governments the members of SCO. The document provided for organization of bank interaction in financing and providing services to the investment projects. In accordance with the agreement the members created an Inter Bank Consortium without forming a legal entity.
This model of co-operation is recognized the most effective and flexible mechanism for supporting the joint project.
Implementation of the agreement allows carrying out the financial provision of scaled projects, being implemented within the framework of SCO and promotes the formation of modern and effective infrastructure for supporting the trading and economic relations of the countries. Creation of Inter Bank Consortium became an opportune step towards deepening the financial co-operation, provision of economical growth of the countries in SCO zone and it was caused by strive for common development.
The countries members of Inter Bank Consortium (IBC) within the framework of SCO finance the large-scale industrial projects in the territory of the countries members of SCO.
Countries members of SCO possess enormous resources and wide possibilities the use of which would allow the population of the zone to live in dignity. These are energy supply, minerals, agriculture and etc.
For the nearest future regional cooperation within the framework of SCO the “Program of multilateral trading and economical co-operation between the countries members of SCO” was approved and for the achievement of the goals of the program the Inter Bank Consortium creates favorable conditions. With a view to implement this program in the given stage banks – members of IBC promote projects in the fields like transport, communication and energy. In future the banks will focus their attention on the State and Intergovernmental projects and will live up their activity, promoting social and economic development of countries members of SCO.
The principles of inter bank co-operation such as: equality, mutual benefit, respect and trust give to IBC independence, motivate it to be active, mobile, pushing and innovator in finding appropriate solutions.
