«Development banks of the Shanghai Cooperation Organization will soon develop a joint roadmap for overcoming the crisis caused by the coronavirus pandemic,» Igor Shuvalov, head of the VEB. RF corporation, said at the opening of a seminar of the SCO Interbank Association (SCO IBA).
This year, VEB.RF presides over the association. The event was first held in a remote format. According to Igor Shuvalov, despite the effects of the pandemic, the priorities previously announced by the corporation remain. In particular, it is a matter of agreeing on best practices for financing infrastructure, and ensuring settlements between SCO banks in national currency.
At the same time, he noted that the urban development topic is important for VEB.RF, and not only in Russia.
People today choose cities, not countries for life. And it was the urban economies that suffered the most amid the pandemic.
Therefore, in the framework of cooperation between the SCO Development Banks, it is worth exploring how to help cities out of this situation. How urban economies will open, how businesses will develop in these cities, how people will feel themselves in demand again, and will return to normal life.
«The duty of development banks is to back national governments in order to minimize negative consequences. Maybe we can do without it at all, if we ensure sufficient growth in cities, large industries and international economic cooperation. Our task, as economic agents and the most important financial institutions, including, within the SCO framework, is to take care of the exit strategy, to propose scenarios in which economies will develop, in which our integration processes will accelerate. I don’t see any obstacles for this,» Igor Shuvalov said.
