SCO Bank to be a functional institution, precluding discrimination against member countries - Russian Deputy PM

DUSHANBE. Oct 20 (Interfax) - The council of heads of government of the Shanghai Cooperation Organization (SCO) member states during an extended meeting in Dushanbe discussed the operation of the proposed SCO Development Bank, based on the principle of independence.

Following the meeting, Russian Deputy Prime Minister Alexei Overchuk told reporters that Russia's position is that any discrimination against member countries must be precluded from the very outset of the institution's creation.

"Discussions regarding the principles for establishing this organization are currently underway. While there is broad support for the initiative, it is crucial that the organization is truly functional, that the rules governing its establishment prevent any discrimination against individual member countries, and that it is able to operate freely across all member countries," Overchuk said.

Overchuk said that the process to establish the new institution must also address issues concerning national currencies, as well as the mobilization of funds and the sources from which these funds are to be drawn.

"In principle, countries have already shifted to settling transactions in their national currencies," Overchuk said.

Overchuk also said that discussions touched upon the issue of de-globalization and the need, in response to the challenge, to establish new, resilient supply chains, foster industrial cooperation, and create better conditions for the movement of goods, during the meeting of the SCO council.

"It is necessary to develop a transport framework across Greater Eurasia and build digital infrastructure that will support the flow of goods throughout the territories of the SCO member countries in order to achieve this," Overchuk said, outlining Russia's position.