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China policy bank reports over $100B loans to SCO countries

China policy bank reports over $100B loans to SCO countries

BEIJING :China Development Bank (CDB), a major policy bank, has so far loaned more than 100 billion U.S. dollars to members of the Shanghai Cooperation Organization (SCO), data from the bank showed.

The CDB currently has 41.34 billion U.S. dollars and 16.37 billion yuan (about 2.56 billion U.S. dollars) in loan balances to SCO member countries, the Chinese media quoted the bank as saying.

By the end of 2017, the CDB had also loaned 7.69 billion dollars and 3.34 billion yuan to member banks of the SCO Interbank Consortium, with outstanding loans standing at 2.05 billion dollars and 3.3 billion yuan.

The SCO accounts for over 60 percent of the Eurasian landmass, nearly half of the world’s population, and over 20 percent of global GDP.

The regional organization has eight member states: China, India, Kazakhstan, Kyrgyzstan, pakistan, Russia, Tajikistan, and Uzbekistan, as well as four observer states and six dialogue partners.