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NBU takes part in the SCO IBA Meeting

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NBU takes part in the SCO IBA Meeting

On October 30, 2020, the 16th meeting of the Council of the SCO Interbank Association was held via videoconference.

The meeting was chaired by the Russian side headed by the Chairman of the State Development Corporation VEB.RF Igor Shuvalov. Deputy Prime Minister of the Russian Federation Alexey Overchuk and SCO Secretary-General Vladimir Norov addressed the event. Heads of the leading banks of the SCO member states and invited guests also attended the meeting.

Heads of the SCO IBA development institutions made reports on the agenda of the meeting. Special attention was paid to the fight against the pandemic through joint efforts, the importance of implementing the SCO IBA Roadmap to overcome the consequences of the pandemic for the organization’s economies and joint approaches to the issue of expanding the use of national currencies in the SCO space.

The National Bank proposed to unite efforts in overcoming the consequences of the pandemic by effectively using the financing model for SMEs, to continue the implementation of the Program of multilateral trade and economic cooperation of the SCO member states and to finance large infrastructure projects by introducing innovative structuring models, as well as to deepen relations on information exchange at the SCO platform.

Chairman of China Development Bank Zhao Huan announced the establishment of a special credit program to support and restore enterprises in the basic sectors of the economy. It was proposed, on the basis of the principle of mutual benefit, to stabilize the regional supply and production chain, as well as to focus on the implementation of new infrastructure projects, taking into account the Big Data concepts, artificial intelligence and a smart city.

Chairman of the State Development Corporation VEB.RF Igor Shuvalov noted that the first developed Roadmap for overcoming the consequences of the pandemic would give impetus to trade and investment, enhance the exchange of best practices in combating the consequences of the pandemic.

It should be noted that the Roadmap provides for formation of a base of promising projects in the SCO space, development of innovative mechanisms and instruments for structuring the financing of infrastructure projects, including the development of green financing.

Implementation of the agreements reached on joint approaches to expanding the use of national currencies in the SCO space will help identify new points of economic growth of the SCO member states, stimulate mutual trade and investment. The practice of financing in national currencies in the implementation of joint projects in the SCO area has great potential.

Thus, the NBU last year attracted a credit line from China Development Bank in the amount of 500 million yuan to finance SME projects. Work is actively continuing with other partners from China, within the framework of Belt and Road program in the SCO space.

Intergovernmental agreements with the State Development Corporation VEB.RF are being implemented on the supply of high-tech equipment to Uzbekistan, settlements for which are carried out in Russian rubles. Currently, the Russian side is working on new mechanisms for financing projects in rubles with the involvement of the Russian Export Center, on subsidized terms.

Heads of member banks highly appreciated the success of the chairmanship of the State Development Corporation VEB.RF on the SCO IBA platform and the achievement of significant results.

Following the event, member banks signed such important documents as the Roadmap for overcoming the consequences of the pandemic for the economies of the organization and joint approaches to the issue of expanding the use of national currencies in the SCO space.

Chairmanship of the Council of the SCO IBA for 2021 passed to the State Savings Bank of the Republic of Tajikistan “Amonatbonk”.
UzA