One of the main outcomes of the Shanghai Cooperation Organisation (SCO) summit is the decision to establish the SCO Development Bank. This was stated in an exclusive commentary to TV BRICS by Sergey Uyanaev, PhD in History and Deputy Director for science at the Institute of China and Modern Asia of the Russian Academy of Sciences.

According to him, such a financial structure will provide support for integration projects, similar to the New Development Bank of BRICS.

"The BRICS Development Bank has been operating successfully for several years, providing financial and material support for the implementation of specific economic integration projects. Until now, there has been no such structure in the SCO, so the creation of a similar bank that could provide financing for various projects is extremely important," the expert stressed.

In addition, the Tianjin Declaration enshrines measures to strengthen security, Uyanaev added. In particular, there are plans to create the Universal Centre to Counter Challenges and Threats to the Security of SCO Member States and SCO Anti-Drug Centre.

He also noted that the current summit is highly representative.

"No previous summit has had such a large number of participants represented by heads of state. This testifies, first, to the increased authority of this organisation, and second, to the fact that it is becoming increasingly effective in the international arena," Ulyanov said.

Earlier, Chinese President Xi Jinping said at a banquet for summit participants that the summit in Tianjin has an important mission to reach consensus, give new impetus to cooperation between SCO member countries and develop a plan for future development. This was reported by China Daily, a partner of TV BRICS.

Photo: TV BRICS