Igbal Guliyev, Doctor of Economics, in the Opinion program on News Front, called the creation of the Shanghai Cooperation Organization (SCO) Development Bank a “historic and necessary” decision in the face of Western pressure on Russia and its partners.
“In my opinion, the SCO has made a historic decision to create a so-called Development Bank. This is reflected in the transition to a new stage of integration of the countries of the region, the formation of an alternative global financial architecture and an alternative non–Western financial architecture,” Igbal Guliyev said.
According to the expert, the SCO summit, which took place from August 31 to September 1, once again confirmed the need to create this financial institution, as this will help maintain the balance of influence between the key countries of the association and contribute to the creation of joint projects.
“We see that in recent years [they have been imposed by the West – ed. Sanctions are being imposed on our country, our partners, and some of the financial and large industrial groups of the SCO countries, which once again proves that some alternative measures are needed. And if we look at the overall policy of the United States and the increased frequency of trade wars, this once again confirms the need to create such an interbank association as the SCO Development Bank,” Guliyev added.
Earlier, Sabah wrote that Russia and China at the SCO summit demonstrated the inconsistency of the Western policy of sanctions and deterrence.
