SCO member states are pushing forward with the establishment of a development bank: the next meeting will take place in Bishkek

The second consultative meeting on the establishment of the Shanghai Cooperation Organization Development Bank was held in Xi’an, China, on April 29–30. The participants reaffirmed their intention to continue working on the formation of the new financial institution.

The meeting was co-chaired by Liao Min, Deputy Minister of Finance of China, and Nurbek Akzholov, Deputy Minister of Finance of Kyrgyzstan. Delegations from SCO member states and partners, as well as representatives of the organization’s Secretariat, took part in the discussions.

During the talks, the parties focused on the key parameters of the future bank—its functions, operational mechanisms, and potential areas of financing. Although no specific decisions have been made yet, the participants reaffirmed their interest in establishing the institution and agreed to continue consultations.

The idea of establishing the SCO Development Bank was formally endorsed by the heads of state—the relevant decision was adopted at the organization’s summit on September 1, 2025, in Tianjin. The new bank is viewed as a tool for financing joint projects and strengthening economic cooperation in the region.

The next, third consultative meeting is scheduled for May 28, 2026, and will take place in Bishkek. This could give additional momentum to the negotiations, given Kyrgyzstan’s active participation in promoting the initiative.