The SCO countries have decided to establish a single development bank of the organization

The members of the Shanghai Cooperation Organization (SCO) have decided to establish the SCO Development Bank, as follows from the summit declaration on September 1.

"The interested member states, confirming the importance of establishing the SCO Development Bank, decided to establish it and intensify consultations on a range of issues related to the functioning of this financial institution," the document says on the organization's website.

In addition, the members of the organization opposed the use of unilateral coercive measures, including economic ones.

It also follows from the agreement that the SCO countries have adopted an agreement on the approval of a universal center for countering challenges and threats to the security of the organization's member states.

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The declaration on the results of the summit, which became the main document of the SCO summit in China, was adopted on September 1. According to Russian Presidential aide Yuri Ushakov, the text sets out common positions on key regional and international issues, including the economy, and outlines the SCO's tasks in various areas of its activities.

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