Meeting Of The Shanghai Cooperation Organisation Interbank Consortium (SCO IBC):
Under the chairmanship of India, the XIX Council Meeting of the Shanghai Cooperation Organisation Interbank Consortium (SCO IBC) was held in Goa.
- SCO Interbank Consortium was established by the member countries of the Shanghai Cooperation Organisation on 26 October 2005.
- It provides funding and bank services for investment projects sponsored by the governments of the SCO member states.
- The main objectives of the consortium are to provide financial services, promote trade, and facilitate investment among the member states.
- The SCO IBC Council meets ad hoc upon the consensus of all of the parties at least once per year.
- The Presidency of the Council is carried out on a rotational basis.
- It consists of major banks from the member countries, such as the Industrial and Commercial Bank of China, the National Bank of Kazakhstan, and the Bank of Russia.
- The first meeting of the SCO Interbank Association was held in Beijing on 21–22 February 2006.