BEIJING, October 14 (RIA Novosti) - The Business Council and Interbank Association of the Shanghai Cooperation Organization (SCO) member states has agreed on a $6 billion common investment pool, a senior Russian banker said on Wednesday.
Vladimir Dmitriyev, chairman of the Russian state-owned national development bank Vnesheconombank, who presides over the SCO Interbank Association this year, said that the agreement stipulates the creation of a single base for about 35 investment projects that could be implemented in all the member states.
"We have agreed on creating a center of business cooperation, a sort of a business club where representatives of authorities, business circles and the banking community can meet and implement joint projects," Dmitriyev said.
The SCO regional security group comprises Russia, China, Kazakhstan, Tajikistan, Kyrgyzstan, and Uzbekistan. Russia took over the presidency of the organization last August. Iran, India, Mongolia and Pakistan have observer status.
Apart from security issues, the SCO group has recently moved to encompass economic and energy projects.
