SCO Development Bank ready to finance projects in India, Iran

The bank's concept offers possibilities to finance projects both in the SCO member states and its observer countries such as Iran, Mongolia, Pakistan, Afghanistan and India, Mezentsev said. "The SCO Development Bank with the concept that is undergoing stage-by-stage discussions, will be focused on financing multilateral infrastructural projects," the SCO top official said. The existing practice of interaction with the SCO observer states gives solid grounds to finance projects in these countries, apart from projects in the SCO founding states that comprise Kazakhstan, Kyrgyzstan, China, Russia, Tajikistan and Uzbekistan, he said. The SCO head did not specify the projects that could be included in the Development Bank's investment portfolio, TASS reports. Future projects within SCO The largest infrastructural project with the participation of three out of five SCO observer countries, which was earlier discussed publicly, envisages the construction of a $30 billion oil and gas pipeline from Russia to India. Overland hydrocarbon transportation from Russia to India can be organized only through the territory of transit states such as Kazakhstan, Turkmenistan, Afghanistan and Pakistan. A source familiar with the agenda of Russian-Indian talks earlier told TASS that India had initiated the establishment of a joint working group for the construction of a pipeline system from Russia across the territory of Central Asian countries.