China is ready to allocate $10 billion worth of loans to members of the Shanghai Cooperation Organization (SCO), President Hu Jintao said on Thursday at the 12th meeting of the Council of SCO Heads of State.
“China has decided to issue loans worth $10 billion to SCO member states to stimulate their economic development and support economic cooperation projects,” Hu said.
He also said an SCO development bank would be established and called on the organization’s members to boost efforts to create a united transport infrastructure, a network of highways and railroads, develop air travel, telecommunications, as well as a common oil and gas transportation system.
The SCO is a regional security grouping that comprises Russia, China, Uzbekistan, Kazakhstan, Tajikistan and Kyrgyzstan. Mongolia, India, Iran, Afghanistan and Pakistan have observer status.