Chinese President Xi Jinping said China would accelerate the creation of an SCO development bank Monday at the summit of the Shanghai Cooperation Organization in Tianjin, as he seeks to expand the organization’s influence and scope.
“Currently, as the global situation becomes more complex and turbulent, member states are facing more arduous safety and development responsibilities,” Xi said in opening remarks to the forum. He pledged $1.4 billion in loans in the next three years for SCO members. They are not specifically designated for the new development bank, for which no timeline has been released.
Russian President Vladimir Putin and Indian Prime Minister Narendra Modi were among the leaders of a couple of dozen nations meeting as part of the SCO. The group, originally seen as a foil to U.S. influence in Central Asia, has grown in size and influence over the years, but has remained largely a security forum.
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