SCO Members Fast-Track Development Bank Plan at 10-Nation Bishkek Talks
Updated
Updated · South China Morning Post · May 29
SCO Members Fast-Track Development Bank Plan at 10-Nation Bishkek Talks
1 articles · Updated · South China Morning Post · May 29
Bishkek talks on Thursday pushed the SCO’s proposed development bank forward, with China and Kyrgyzstan co-chairing the latest round for the 10-nation bloc.
The lender is designed to fund infrastructure and regional growth with national currencies and alternative financial instruments, reducing reliance on the US dollar and Western-led institutions.
March consultations in Beijing focused on the bank’s capitalisation, structure and governance, while an April meeting in Xian examined priority sectors and non-sovereign financing mechanisms.
The plan still faces political headwinds: at least one key SCO member may be less motivated to support the bank, potentially slowing agreement on the final design.
For the SCO — which includes China, Russia and Iran — the project would deepen financial autonomy as the bloc tries to build parallel regional institutions.
With one key member reportedly hesitant, can the SCO's new bank truly challenge the US dollar?
Will the SCO's proposed development bank create a financial system entirely free from Western influence?