«We consider it fundamentally important that this structure become a multilateral development bank unique in its mandate, providing access to long-term investment financing without political preconditions,» Aleksandr Turchin said.

He stressed that expanding economic ties requires appropriate financial infrastructure. According to current estimates, the combined GDP of SCO countries is growing significantly faster than the global average. At the same time, the organization’s powerful economic potential is held back by the lack of an independent financial architecture shielded from external pressure.

«We are convinced that the creation of such a mechanism of financial support for project activity will be able to have a powerful positive effect on the economies of SCO member states, give additional resilience to our contacts and strengthen the financial sovereignty of the region. The SCO Development Bank could act as the core of our organization’s settlement and payment system for the gradual increase of the share of national currencies in foreign trade and investment operations. It is obvious that the transition to such payments will strengthen national monetary systems and increase their resilience to global challenges. In the EAEU, the share of settlements in national currencies has been brought to 94%, so we see that the regionalization of payments is a working formula,» the prime minister said.