SCO members discuss creation of development bank in China
This digest was compiled by AI from multiple sources — links to the originals are below.
Officials from Shanghai Cooperation Organisation member states met in China to discuss establishing a SCO Development Bank. The talks focused on the bank's capital structure and governance framework. No timeline for a final agreement was announced.
The Meeting
The discussions took place in Beijing on July 5-6, 2026, bringing together finance ministers and central bank governors from SCO member states including China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, India, Pakistan, and Iran. The proposed bank aims to finance infrastructure and development projects across the region. Participants reviewed a feasibility study prepared by a working group established in 2024.
Key Issues
Disagreements persist over the bank's initial capital, which some members propose at $10 billion, while others seek a larger $20 billion fund. Voting rights and the location of the bank's headquarters remain under discussion. China has offered to host the headquarters in Beijing, but Russia and Kazakhstan have proposed alternative locations in Almaty and Moscow.
SCO Summit Location and Declaration
The agreement to establish the development bank was part of the final declaration of the recent SCO Summit held in Tianjin, China, not Beijing as previously reported. The summit took place in Tianjin, a major port city, which was not mentioned in the existing article.
What's Next
The next round of negotiations is scheduled for October 2026 in Astana. It remains unclear whether member states can bridge differences on capital and governance before the year-end deadline set by the SCO summit.
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SCO members discuss creation of development bank in China
