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  HOME | Business & Economy (Click here for more)

China Offers $4.6 Billion Loans for Greater SCO Cohesion

QINGDAO, China – Chinese President Xi Jinping offered 30 billion yuan ($4.6 billion) in loans to increase economic cohesion with Russia, Central Asia, India and Pakistan on Sunday at the inauguration of the Shanghai Cooperation Organisation (SCO).

Xi said the loan would be organized within the framework of the SCO’s Inter-Bank Consortium and will help to build a strong engine of growth for development and common prosperity.

“We should, guided by the Shanghai Spirit, work closely to build an SCO community with a shared future, move toward a new type of international relations, and build an open, inclusive, clean and beautiful world that enjoys lasting peace, universal security, and common prosperity,” he said.

Xi also called for greater regional cooperation on security, and the fight against terrorism, separatism and extremism, including carrying out joint military drills.

He said China would train 2,000 security forces from neighboring countries over the next three years, and would create opportunities for training another 3,000 in the other fields, such as culture, education, science and technology, tourism and disaster management.

Xi underlined that in the 17-year history of the SCO – which this year has welcomed India and Pakistan as new members – has created models of regional cooperation with an organization whose members make up 20 percent of global GDP and 40 percent of the world population.

“The Shanghai Spirit is our shared asset, and the SCO is our shared home,” Xi said at the 18th Meeting of the Council of Heads of Member States of the group.

The member states of the SCO are Russia, China, Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan, India and Pakistan, while Belarus, Mongolia, Iran and Afghanistan are observer states and candidates to join the organization.

 

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