Member states of the Shanghai Cooperation Organization (SCO) have reached an agreement on the establishment of a Development Bank, according to the statement adopted following the SCO Heads of State Summit held in China.
The statement also notes that SCO members support the reform of the international financial architecture. It highlights that these reforms aim to enhance the representation and role of developing countries in the governing bodies of international financial institutions such as the International Monetary Fund and the International Bank for Reconstruction and Development.
Additionally, the statement underscores the importance of implementing a roadmap to gradually increase the share of national currencies in mutual settlements among SCO member states.
