China bank reports over $100bln loans to SCO countries

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

The China Development Bank currently has $41.34 billion and 16.37 billion yuan (around $2.56 billion) in loan balances to SCO member countries, the Chinese media quoted the bank, as saying.

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

The Shanghai Cooperation Organization 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 organisation has eight member states: China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan, as well as four observer states and six dialogue partners.