SHANGHAI, September 17. /TASS/. Officials from 29 nations have wrapped up the fifth round of consultations in Hangzhou, China, on establishing the Shanghai Cooperation Organization (SCO) Development Bank, according to the SCO Secretariat.
"A substantive exchange of views took place regarding the operational parameters of the SCO Development Bank," the Secretariat said in a statement, adding that the event drew representatives from 29 states alongside SCO Secretariat officials.
The political decision to create the financial institution was originally finalized during the SCO Summit in Tianjin, China, on September 1, 2025, where member states agreed to step up talks on the bank's core operations.
More recently, the Bishkek Declaration, adopted by the SCO Council of Heads of State on September 1, 2026, explicitly welcomed the progress made toward launching the development bank and stressed the critical importance of keeping up the momentum.