SCO member states move toward establishing development bank

Member states of the Shanghai Cooperation Organisation (SCO) have announced plans to move forward with the creation of the SCO Development Bank, according to the final declaration adopted at the end of the SCO summit in Tianjin, Azernews reports, citing TASS.

“The member states, having confirmed the importance of establishing the SCO Development Bank, decided to activate consultations on issues related to its establishment and activities,” the document stated.

Beyond economic cooperation, the declaration also addressed pressing global and regional challenges. The member states pledged joint efforts to mitigate security risks linked to artificial intelligence, emphasised the need to adapt the UN to modern political and economic realities, and reaffirmed their readiness to continue high-level dialogue with the organisation.

The summit participants also agreed to strengthen cooperation in combating illicit drug trafficking and to expand scientific and technical collaboration among member states.