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SCO to Create Its Own Payment System and Development Bank
According to the Russian Direct Investment Fund (RDIF), Kirill Dmitriev announced at the SCO that work has begun on creating a new payment system.
The Shanghai Cooperation Organization (SCO) has announced the start of work on establishing its own payment system and development bank. This initiative was presented as part of efforts to deepen financial and economic integration among member states.
Russian President Vladimir Putin stated: “National currencies are increasingly being used in mutual settlements. We advocate the issuance of joint bonds by member states, the creation of the SCO’s own payment and settlement and depository infrastructure, and the establishment of a bank for joint investment projects. All this will increase the efficiency of our economic exchanges and protect them from external market fluctuations.”
Head of the Russian Direct Investment Fund Kirill Dmitriev emphasized that integration within the SCO will have a positive impact on Russians, as Russian credit cards will be more widely accepted abroad. According to him, joint investment and economic mechanisms will be an important step, and the SCO summit will go down in history as one that unites the world.
The President of Kazakhstan supported the initiative to create an SCO Development Bank. He expressed readiness to provide comprehensive support for strengthening regional connectivity and developing an effective financial institution aimed at economic growth of the region’s countries. He also highlighted the importance of aligning large-scale projects.
Kassym-Jomart Tokayev confirmed Kazakhstan’s active participation in all processes aimed at strengthening financial, economic, investment, and technological cooperation within the SCO framework.
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