China will provide new loans amounting to 10 billion yuan ($1.4 billion) to members of the Shanghai Cooperation Organization (SCO) Interbank Consortium. This was announced by President of the People’s Republic of China Xi Jinping during his speech at the SCO Summit in Tianjin, Kazinform reports.

According to the President of China, Chinese investments in the economies of other SCO member states have already exceeded $84 billion.

Xi Jinping also called for the establishment of the SCO Development Bank as soon as possible.

At the same time, the total economy of SCO member states has approached $30 trillion.

It should be recalled that in October 2005, during a meeting of the SCO Council of Heads of Government in Moscow, an Agreement on Interbank Cooperation within the framework of the SCO was signed.

The primary objective of this mechanism is to finance and provide banking services for investment projects supported by the governments of SCO member states.