05.06.2009 /Events
 Vnesheconombank Conducts a Meeting of SCO Interbank Consortium Member Banks Coordinators
On June 4, Vnesheconombank as the Chairman Bank of the Shanghai Cooperation Interbank Consortium conducted a meeting of coordinators in Saint Petersburg. In the course of the meeting, Draft Regulations on the Cooperation with Financial Institutions of SCO Observer States and on the Status of SCO Interbank Consortium Chairman Bank were agreed upon and initialed. The regulations are planned to be signed this June at a SCO summit in Yekaterinburg. This document sets a required legal framework for establishing and maintaining relations with SCO observer states’ financial institutions. Basic principles, lines and forms of cooperation worked out by the SCO Interbank Consortium and stipulated in this document will have a considerable impact on the development of cooperation between the Interbank Consortium and SCO observer states’ financial institutions, specifically, in the economic sphere. A Draft Agreement on Cooperation in personnel training and sharing business experiences between SCO Interbank Consortium member banks was also initialed. This agreement is scheduled to be signed at a SCO summit in Yekaterinburg. The meeting participants highlighted increased cooperation in sharing business experiences and personnel training. At the meeting, coordinators discussed issues of the Interbank Consortium current cooperation and placed special emphasis on promoting cooperation with SCO Business Council and creating a SCO Interbank Consortium website. In the course of discussions representatives of partner banks stated that despite the global financial and economic crisis a part of investment projects included in the list of projects recommended by Interbank Consortium participants for joint financing are being implemented. The participants admitted that it was useful to continue work on creating a mechanism for guaranteeing and insuring investments within the SCO Interbank Consortium. A number of initiatives on improving the SCO Interbank Consortium’s activities were launched at the meeting. The SCO Interbank Consortium was established on October 26.2005. Its activity is designed to support regional economic cooperation. At the moment, it incorporates State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the Kazakhstan Development Bank, the China State Development Bank OJSC RSK Bank, the Tajikistan National Savings Bank ‘Amonatbank ’and the Uzbekistan National Bank for Foreign Economic Affairs. The Eurasian Development Bank has been the SCO Interbank Consortium’s partner bank since 2008. Vnesheconombank Chairman Vladimir Dmitriev has been the Chairman of the SCO Interbank Consortium Council in 2008-2009. 
Origin: Press Office of Vnesheconombank
Contact person: Ekaterina Karasina
Phone: +7 (495) 608—46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
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