YEKATERINBURG, June 16 (RIA Novosti) - President Hu Jintao said on Tuesday that China would grant a $10 billion loan to members of the Shanghai Cooperation Organization to help them through the economic crisis.

"China has made a decision to grant the organization a $10 billion loan to support financial stability," the Chinese leader said at a summit of the regional group in the Russian Urals city of Yekaterinburg.

Hu said the global credit crunch was continuing to gather speed, with economic recessions still reported in some countries.

He urged SCO nations "to enhance cooperation... to oppose the crisis and consolidate the organization."

The security alliance, seen as a counterbalance to U.S. interests in Central Asia, has increasingly been engaged in joint economic projects. It comprises China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.