Moscow to make proposals on setting up SCO development bank soon - official
MOSCOW. April 9 (Interfax) - Russia may come up with concrete proposals on setting up a development bank of the Shanghai Cooperation Organization (SCO) in the near future, Russian First Deputy Prime Minister Igor Shuvalov said in an interview with Chinese media in the run-up to a delegation visit that Russian officials and businessmen is going to make to China.
"We have certain projects, and we will suggest to our leadership that these projects be proposed on the international level," Shuvalov said.
Shuvalov pointed out that the establishment of SCO and BRICS [Brazil, Russia, India, China, and South Africa] development banks is being discussed now, and he suggested that the establishment of an SCO development bank is a more promising goal. "We hope that such a banking institution will appear within the SCO framework," he said.
As for a BRICS development bank, Shuvalov said this idea is more difficult to implement, as it would be crucial to ensure its balanced operation so that all of its participants be satisfied. "It seems to me this will be very difficult, but the goal has been set, and we will attain it," Shuvalov said.
He also said that Russia and China are not discussing the establishment of interstate banks in a bilateral format.