The jubilee session of the SCO Interbank Association Council was held today in Dushanbe, the capital of Tajikistan, attended by the representatives of all development banks of the countries of the organization. Following the session, the parties have signed the Development Strategy for SCO IBA for the medium term, in particular 2022-2026. Abay Sarkulov, the Chairman of the Management Board, personally led the delegation of the Development Bank of Kazakhstan. It was composed of Dmitry Babichev, the Deputy Chairman of the Management Board, Botagoz Abisheva, the Managing Director, and Adina Berikkyzy, the Director of the Department of Funding and International Cooperation.
The updated strategy addresses a wide range of issues implying the use of new mechanisms to develop the economies of the SCO states under difficult conditions caused by coronavirus pandemic. For example, representatives of the development banks of the SCO member countries agreed on active cooperation in implementing projects to expand transport connectivity opportunities in the region, develop infrastructure and electronic commerce, and introduce innovative, energy-efficient, and “green” technologies. Most of them were previously included in the Pandemic Roadmap adopted last year.
“This is the key document that includes a set of measures to overcome the effects of the pandemic, to create conditions for inclusive economic development, to stimulate trade and investment. It cannot be denied that the joint efforts of the SCO and the SCO Business Council as another important public platform will support its implementation,” said Vladimir Norov, SCO Secretary-General in his opening speech.
Under the new Development Strategy, the states also intend to expand the use of national currencies, as well as the active use of alternative interbank communication systems, which will greatly improve security and flexibility in the process of mutual settlements.
Representatives of the development banks emphasized the need to develop close cooperation in the digital economy, e-commerce, and big data in the new reality. Thus, the representatives of the Development Bank of Kazakhstan presented their own solutions in the development of internal analytical expertise using algorithms of machine learning and big data designed to help business representatives in obtaining detailed analytics on foreign trade activities of the country and its regions, as well as information on trading partners in Kazakhstan, data on the import structure of a foreign country in terms of categories, redistribution, industries at 2, 4 and 6 digits of commodity classification of foreign economic activity.
“Given the importance of export diversification for the SCO member countries, DBK is ready to cooperate with the SCO IBA member banks to develop the analytical component in our work and invites you to visit DBK’s analytical portals on our official website,” - said Abay Sarkulov, Chairman of the DBK Management Board.
In addition, Abay Sarkulov shared the results on automated applications for funding and authorized bodies, and referred to DBK results in 2021.
To recall, the current session of the SCO Interbank Association Council logically followed on the session of SCO IBA experts and coordinators in May 2021. There also was discussion on expanding cooperation with financial institutions of the SCO observer states and dialogue partners, cooperation with international financial institutions operating in the organization and the Asian region, investment cooperation, exchange of experience and staff training, harmonization of the next Council session dates and agenda.
“We realize that the interbank association is a key tool for banking and financial and investment cooperation within the SCO, which is why DBK is trying to expand cooperation with existing and new partners of the member states in every way possible. Interaction of the development banks within the SCO Interbank Association, as well as bilateral activities, contribute to the integration and progressive development of regions, and we believe that the existing mechanisms of cooperation are a good platform for further enhance the mutually beneficial cooperation,” - added Abay Sarkulov, the Head of DBK.
Note that the SCO is a regional international association whose members are Russia, India, Kazakhstan, Kyrgyzstan, China, Pakistan, Tajikistan, and Uzbekistan, and the IBA includes the Development Bank of Kazakhstan, China Development Bank, Vnesheconombank (VEB.RF), National Bank of Tajikistan and National Bank for Foreign Economic Activity of Uzbekistan. This year the SCO is celebrating its 20th anniversary. Tomorrow, Tajikistan will chair the jubilee session of the SCO Council of Heads of State. Leaders of member states will gather in Dushanbe to assess achievements of 20 years of political, security, economic, cultural, and humanitarian exchanges.
