IIFCL assumes Presidency of Shanghai Cooperation Interbank Consortium (SCO IBC)

Prime Minister Modi attended the 22nd Shanghai Cooperation Organization (SCO) Summit, which took place in the historic city of Samarkand, Uzbekistan, on September 15–16, 2022. The Shanghai Cooperation Organization (SCO) Presidency, for the forthcoming period i.e., 2022-23 was passed onto India from Uzbekistan, during the summit. India Infrastructure Finance Company Limited (IIFCL) will preside over as the Presidency of the SCO Interbank Consortium (SCO IBC) during this period from 26th October to 25th October 2023.

The Shanghai Cooperation Organization (SCO IBC) was established on October 26, 2005 under the decision made by the Council of Heads of SCO Member States on creating a mechanism to financially support and service investment projects in the SCO member countries economic area (Agreement on Interbank Cooperation with the Shanghai Cooperation Organization). India was granted observer status in the SCO during the Astana Summit of the Shanghai Cooperation Organization in July 2005. It joined the SCO as a full member during the Shanghai Cooperation Summit (SCO) summit in Astana in June 2017.

India Infrastructure Finance Cooperation Limited (IIFCL) was nominated by the Department of Financial Services (DFS), Ministry of Finance in 2017 to represent India at the SCO Interbank Consortium (SCO IBC) and since then it has been participating in the forum.

The main activities of the SCO IBC are organization of financing of investment projects, the development of interaction with authorized financial institutions of the observer states and partners in the SCO dialogue, cooperation with the leading economic structures operating in the SCO space the exchange of experience and cooperation in the field of personal training.

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