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    China to Grant $5 Bln Credit to SCO Members for Joint Projects Funding

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    China will allocate $5 billion worth of credit for the Shanghai Cooperation Organization (SCO) member countries to implement join projects, Chinese President Xi Jinping said Friday.

    DUSHANBE, September 12 (RIA Novosti) - China will allocate $5 billion worth of credit for the Shanghai Cooperation Organization (SCO) member countries to implement joint projects, Chinese President Xi Jinping said Friday.

    "In order to increase cooperation, Chinese party has decided to supply $5 billion of credit for SCO member countries to finance joint projects," Xi said.

    The Chinese leader also touched on "China-Eurasia" economic cooperation fund, noting that although the initial capital is $1 billion, it would be later raised to $5 billion.

    SCO is a political, economic and military bloc, established in 2001 in Shanghai by the leaders of China, Russia and four Central Asian post-Soviet nations, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Afghanistan, India, Iran, Mongolia and Pakistan have the status of observer countries in the organization.

    Tags:
    economic cooperation, financial aid, Shanghai Cooperation Organization, Central Asia
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