2/9/2014 10:58
RIA Novosti

Russia

SCO to launch economic "pilot projects"

15:54 01/09/2005

BEIJING, September 1 (RIA Novosti, Alexei Yefimov) - The Shanghai Cooperation Organization (SCO) could decide by October to embark on several economic projects, a Russian diplomat told a news conference Thursday.

Vitally Vorobyev, Russia's coordinator in the SCO, said the Council of national coordinators (CNC), at a recent meeting in Beijing, discussed preparations for a meeting of SCO prime ministers on October 14 in Moscow and the creation of the Development Fund, the SCO Business Council, and a system of inter-bank exchange.

According to the diplomat, the SCO is selecting several cooperative "pilot projects" in various spheres and beginning to implement them.

"We hope to agree on the creation of the Development Fund, the SCO Business Council, and a system of inter-bank exchange before the meeting of the prime ministers," Vorobyev said adding, "the work [on these projects] has reached its final stages."

The diplomat also said Russia had formed its executive part of the Business Council, almost finished the inter-bank agreement, and reached significant progress in the creation of the Development Fund.

Vorobyev expressed hope that the SCO Forum, whose goal is to provide scientific and research support, would be formed by mid-October.

SCO member countries (China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan) are also planning to expand cooperation in the cultural and educational spheres, Vorobyev added.

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