Kazakhstan pushes for SCO Development Bank to fuel AI and biotech growth
Kazakhstan promotes the priorities of financing technologies of the future within the framework of the Shanghai Cooperation Organization Development Bank, Qazinform News Agency cites the country’s Finance Ministry.
Additional sources of financing for the economies and infrastructure projects of the SCO member states and partner countries were discussed on April 29-30, 2026 in the city of Xi'an (PRC).
The event was attended by vice finance ministers of the SCO member states and partner countries, as well as representatives of the SCO Secretariat. Kazakhstan was represented by Vice Minister of Finance Dauren Kenbeil, who took part in the second consultative meeting on the creation of the SCO Development Bank.
During the meeting, key parameters of the future financial organization were discussed, including priority areas of financing and capitalization mechanisms.
In his remarks, Kenbeil noted that the SCO Development Bank should become an institution focused on supporting next-generation technologies. Among the priorities identified are projects in the fields of artificial intelligence and biotechnology, as well as the development of mechanisms for the transfer of industrial and “green” technologies, including those from the People’s Republic of China.
Special attention was paid to issues of non-sovereign financing, the formation of authorized capital using local currencies, and alternative financial instruments.
Following the meeting, the parties agreed to continue high-level consultations. The next meeting is scheduled for May 28–29, 2026, in Bishkek (Kyrgyz Republic).
The event also included a meeting with Liao Min, Vice Minister of Finance of the People’s Republic of China to discuss the final procedures for issuing panda bonds on the Chinese market, as well as financing for the project to build a pumping and filtration station in Astana.
Once implemented, the initiatives are expected to expand Kazakhstan’s access to new sources of financing, including the large Chinese market and the future SCO Development Bank; create additional business opportunities in projects related to industry, innovation, and green technologies; diversify sources of capital and accelerate the technological development of the economy.
Earlier, President Kassym-Jomart Tokayev stated that Kazakhstan will take the most active part in the activities of the SCO, hailing it as an influential and successful Eurasian organization with a multifaceted and constructive agenda that includes issues of security and confidence-building measures.
