“The initiative to form a development bank of the SCO more than 10 years ago by the Chinese side has finally come to a fruition,” he said at a joint press conference with SCO Secretary-General Nurlan Yermekbayev.
Chinese President Xi Jinping secured an agreement from partner countries to set up a new development bank, realising a longtime ambition in a display of Beijing’s growing influence.
Members of the Shanghai Cooperation Organization agreed to establish the institution, Chinese Foreign Minister Wang Yi said Monday at the end of the two-day SCO summit that gathered Xi’s closest international allies in the Chinese port city of Tianjin.
