The member States of the Shanghai Cooperation Organization (SCO) have decided to establish their own Development Bank. The corresponding provision is enshrined in the Tianjin declaration, adopted at the end of the summit, held on Monday in Tianjin, China. The document notes that the participating countries confirmed the importance of forming a new financial institution and agreed to intensify consultations on its functioning. In addition, the SCO members called for the reform of the global financial architecture in order to strengthen the representation of developing countries in the management of key institutions such as the International Monetary Fund and the International Bank for Reconstruction and Development. Another area of cooperation is the work on expanding the use of national currencies in mutual settlements in accordance with the previously agreed roadmap.
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