SCO plans own bank and development Funds, says Secretary General SCO
ISLAMABAD, Apr 19 (Gwadar Pro)-The Shanghai Cooperation Organization (SCO) is currently engaged in negotiations with its member states to secure financial backing for the creation of a development fund, an investment fund, and its own dedicated development bank. This was stated by SCO Secretary General Nurlan Yermekbayev during his two-day visit to Pakistan.
Delivering a distinguished lecture titled “The SCO’s Role in the Changing Global Order” at the Institute of Strategic Studies Islamabad (ISSI) on Friday, the Secretary General emphasized that the SCO is not focused on integration for its own sake, but rather on achieving tangible goals. “We are working to align our priorities across the board. The year 2025 is the Year of Sustainable Development,” he noted.
Yermekbayev also highlighted that the SCO has established demonstrative agricultural knowledge bases in various cities across China. These centers are intended to function as hubs for agricultural innovation, research, and training. Many are located within international cooperation zones, specifically designed to facilitate collaboration with other SCO member states.
“These knowledge bases aim to promote the exchange of best practices, advanced technologies, and sustainable farming techniques among member countries, strengthening regional food security and agricultural development,” he added.
Speaking on the economic front, he stated, “In the realm of economic development and trade, our priority is the free movement of goods. We are taking measures to ease cross-border trade, streamline customs procedures, and enhance regional connectivity.”
Highlighting Pakistan’s strategic potential, Yermekbayev remarked, “Pakistan has immense capacity to serve as a regional hub for connectivity. What we need now are practical steps to transform this potential into tangible outcomes.”
He praised Pakistan’s active and constructive role in the SCO since becoming a full member in 2017, recognizing its key contributions in areas such as counterterrorism through the Regional Anti-Terrorist Structure (RATS), regional connectivity, people-to-people engagement, and cultural diplomacy.
Yermekbayev further underscored Pakistan’s strategic location as a natural bridge between South Asia, Central Asia, and the Middle East, serving as a gateway for landlocked countries to access global markets. He cited projects like the China-Pakistan Economic Corridor (CPEC) as emblematic of Pakistan’s growing importance in SCO connectivity initiatives. He also commended Pakistan’s leadership in counterterrorism efforts and its commitment to regional stability.
In his comprehensive address, the Secretary General emphasized the SCO’s increasing relevance as a platform for peace, security, and inclusive development amid evolving geopolitical dynamics. He reiterated the organization’s guiding principles, known as the “Shanghai Spirit,” which is rooted in mutual trust, mutual benefit, consultation, respect for cultural diversity, and joint development. He affirmed the SCO’s continued commitment to non-alignment and openness.
