Iran Competes in 4th Consultative Meeting on SCO Bank Establishment

The Director-General for SCO and BRICS Affairs at the Iranian Ministry of Foreign Affairs announced that a delegation from the Central Bank of the Islamic Republic of Iran will attend the fourth consultative meeting reviewing the draft Memorandum of Understanding (MoU) for the establishment of the Shanghai Cooperation Organization (SCO) Bank in Shenzhen, China.

News ID: 2003468

Mehrdad Kiaei, the Director-General for SCO and BRICS Affairs at the Ministry of Foreign Affairs, highlighted the importance of developing financial and banking cooperation among SCO member states, stating: "The Shenzhen meeting provides a suitable opportunity to exchange expert views on the legal and executive framework for establishing the SCO Bank, and the Islamic Republic of Iran will participate in these negotiations with an active and constructive approach."

He added: "Creating joint financial mechanisms among SCO member states can contribute to expanding economic cooperation, facilitating investment, developing trade, and making greater use of monetary and banking capacities among members."

Kiaei also expressed hope that the negotiations during this fourth meeting could pave the way for finalizing the framework of the SCO Bank establishment and initiating its executive phases./isna