Nirmala Sitharaman Russia talks

India is participating in negotiations to establish a Shanghai Cooperation Organisation Development Bank, with member states moving towards finalising the proposed institution’s governance structure, capital arrangements and founding documents. The initiative received support from all SCO members at the recently concluded summit in Bishkek. India Joins SCO Development Bank Negotiations Discussions are now focused on determining how the proposed bank would be funded, governed and operated. The project was also discussed when Finance Minister Nirmala Sitharaman met Russian Finance Minister Anton Siluanov on the sidelines of the G20 Finance Ministers’ meeting in the United States. The Bishkek declaration called on SCO members to complete consultations on the bank’s founding documents as quickly as possible. Putin Pushes Independent SCO Financial Institution Russian President Vladimir Putin has strongly supported the proposal, arguing that the SCO needs a development institution capable of operating independently of financial systems that Moscow believes can be used for geopolitical pressure. Putin said the bank could finance mutually beneficial infrastructure, industrial and economic projects while strengthening commercial ties among SCO members. Russia says its trade with SCO countries exceeded $400 billion last year, with more than 98% of its settlements with member states conducted in national currencies. Kazakhstan, Kyrgyzstan Show Interest in Hosting Bank Kazakhstan has offered to host the proposed institution if SCO members reach a consensus. President Kassym-Jomart Tokayev said the bank should prioritise infrastructure, technology and industrial projects across member countries. Host country Kyrgyzstan has also expressed interest in accommodating the institution. The proposal remains at the negotiation stage, meaning critical questions including capital contributions, voting rights, lending policies and headquarters location must still be agreed before the bank can formally begin operations.

India Joins Talks to Create SCO Development Bank

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