SCO IBC Goa: India has proposed four areas of cooperation among the SCO members during the XIX Council Meeting of the Shanghai Cooperation Organisation Interbank Consortium (SCO IBC) in Goa on Wednesday.
The meeting saw participation from representatives of member banks including Development Bank of Kazakhstan, China Development Bank, RSK Bank (Kyrgyzstan), Habib Bank Limited (Pakistan), VEB.RF (Russia), Savings bank of the Republic of Tajikistan Amonatbonk, and National Bank for Foreign Economic Activities of the Republic of Uzbekistan.
India Infrastructure Finance Company Limited (IIFCL) Managing Director P.R. Jaishankar chaired the meeting.
He proposed that efforts should be made towards taking initiatives to further expand cooperation among member banks and emphasis on exchange of experience, skills, and personnel training among SCO IBC Member Banks, building on positive strides already made in this direction.
Jaishankar said the initiative to form an Electronic Collection of the SCO IBC signed documents for the 20th anniversary of the consortium should be supported.
Further, member banks should be encouraged to strengthen partnerships within the framework of SCO IBC.
In his address as the Chair of the Meeting, P.R. Jaishankar highlighted India's achievements as the fifth largest economy in the world and its continued rise as a strong and vibrant democracy.
He mentioned that India's GDP growth in 2022 stood at 6.8%, outperforming major economies like the US, United Kingdom, and Europe.
He also highlighted India's rapid digitization of the economy, sustainable development efforts, and significant growth in exports. India is keeping pace with Sustainable Development while building infrastructure projects, he added.
The SCO IBC Council meeting also focused on the increased sensitivity towards climate change and the need for sustainable development.
The XIX Council Meeting of the SCO IBC concluded with a renewed commitment to strengthen cooperation among member banks, exchange of experience and skills, and support for sustainable development initiatives. The proposed SCO-IBC Chair for the year 2023-24 is the ‘Development Bank of Kazakhstan’.
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