Tianjin: At the summit held in Tianjin, China, the member states of the Shanghai Cooperation Organization (SCO) agreed to establish a Development Bank, APA-Economics reports.
According to Azeri-Press News Agency, the adopted Tianjin Declaration confirmed the importance of establishing a Development Bank and decided to activate consultations on the mechanisms of operation of this financial institution. The declaration also highlighted the importance of implementing a roadmap for gradually increasing the share of national currencies in mutual settlements of member states.
The 25th meeting of the Council of Heads of State of the Shanghai Cooperation Organization member states is being held today in Tianjin, China. Leaders from 21 countries and more than 10 international organizations attended the summit.