Development Bank of the SCO can be created on the basis of EDB
Date: 08:25, 21-07-2015.
Astana. July 20. Silkroadnews - the Development Bank of the Shanghai Cooperation Organization (SCO) can be created on the basis of the Eurasian Development Bank (EDB), reports KazTAG citing Kazakhstan Ministry of National Economy.
According to the MNE, Kazakh President Nursultan Nazarbayev, receiving the chairman of the EDB Igor Finogenov in April 2014, agreed in principle to the accession of China to the EDB.
According to the information provided in the MNE, at the meeting, the PRC Ministry of Finance proposed to consider the possibility of implementing the EDB functions of the SCO Development Bank.
Initially funding of EDB was made primarily by contributions from Russia by $1 billion and Kazakhstan $500 million.
