SCO countries to speed up projects with special account - Putin
STRELNA(Leningrad Region). Nov 7 (Interfax) - The government heads of the Shanghai Cooperation Organization members have agreed to speed up the establishment of a special account that will fund joint projects, Russian Prime Minister Vladimir Putin said.
"We have agreed to speed up the creation of a special SCO account that will become an effective instrument of funding for project activity," Putin said at a press conference following a meeting of the SCO member government heads.
A project listing steps for further development of SCO projects will be approved by the government head board in the near future.
The issue of setting up a special development bank, as proposed by China, will also be raised, Putin said.
The role of the SCO Interbank Association will be increased, he said. "A strategy to develop it in the mid-term was agreed during the meeting. The priorities here are strengthening infrastructure, introducing innovations, raising capital and establishing modern production. And what I will emphasize is the expansion of mutual settlements in national currencies," Putin said.
He also spoke about the creation of a SCO Energy Club. "The legal base of the energy club needs to be established," the prime minister said
Representatives of the SCO members welcome the efforts of many countries to join the work of the organization in one way or another, Putin said. "Our organization is open to cooperation with all interested countries," Putin added.