The approval of the establishment of the Development Bank in the SCO Summit, the efficiency of the region and social and

China Foreign Minister Wang Yi said on Monday that the member countries of the Shanghai Cooperation Organization (SCO) have decided to set up a development bank to increase the efficiency and social development of the region. Wang said that a proposal of China for the establishment of the bank was approved after 10 years of deliberations among the member countries. He said that the new bank will increase the efficiency and social development of the sector. However, he did not explain any time-limit to establish the bank.

Xi Chinfing had requested to speed up the formation of development bank

Wang Yi said that the SCO will start this important process and there would be another multilateral platform in the Euro-Asian region. This is a pleasure not only for member countries, but also for our region. Earlier, Chinese President Xi Chinfing had urged SCO member countries to expedite the formation of a development bank. He said that this should be done in view of the increasing popularity of this group of 10 countries. China had proposed to set up a development bank on the lines of BRICS’s Nav Vikas Bank (NDB) and Asian Investment Infrastructure Bank (AIIB).

India is the second largest shareholder in Shanghai Cooperation Organization

India is the second largest shareholder in the Shanghai Cooperation Organization. China-based NDB and AIIB were initially considered competitors of the IMF, World Bank and Asian Development Bank (ADB), although now these banks are working closely with co-owned model. He said in his inaugural speech of the 25th summit held here that SCO has become the largest regional organization in the world, which includes 26 countries, cooperation in more than 50 areas and its joint economic production is around 30,000 billion US dollars.

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