China offers US$ 4.7 billion special lending facility to Shanghai Cooperation Organization

China offers US$ 4.7 billion special lending facility to Shanghai Cooperation Organization

Qingdao, June 10 (Xinhua/ Chinese President Xi Jinping has offered member countries of the Shanghai  Cooperation Organization (SCO) an US$ 4.7 billion  (30 billion Yuan) Special Lending Facility within the framework of the SCO  inter-bank consortium.

This was among  other major offers made by Xi at the end of the SCO summit held in the port city of Qingdao on June 9 and 10.

The Chinese President said that the SCO should become a “powerful engine for development,” and added that the member states must “increase  complementarities in development strategies” and decisions taken through mutual consultations.

Outlining the program for 2019-2021, Xi said that the accent would also be on combating terrorism, separatism and extremism.  The SCO would  conduct peace missions  and conduct ant-terrorism exercises, cooperate in defense and security, including information security

The member States of SCO  must coordinate with China’s Belt and Road Initiative (BRI) for shared growth but “through discussion and collaboration.”

They must put themselves “in each other’s shoes”  to get to know each other’s needs,  Xi said in a very cooperative and understanding tone.

The member states should implement the agreement on International Road Transport Facilitation and other agreements on environmental protection and youth exchange, Xi said.

He invited them to the import-export expo to be held in Shanghai in November 2018.

China is  eager to provide legal support for  economic cooperation and trade ,Xi announced. He also offered 3000 training opportunities in China for member states and placed at their disposal, the meteorological data collected by the Chinese Febgyun-2 weather satellites.

Stressing cooperation with all, breaking barriers, Xi stressed the importance of the SCO carrying with it the UN, World Bank, IMF and other international financial institutions.

The Chinese President pleaded for people-people contact to strengthen ties by building trust. He envisaged such contacts in culture ,education, media and other areas including disaster relief.

On Afghanistan

In a specific mention of war-torn Afghanistan, Xi said that the through the SCO contact group on Afghanistan, China is willing to train  2000 Afghan law enforcement officers at the China National Institute for International Exchange and Judicial Cooperation.

Xi said that the SCO should actively engage in peace and reconstruction in Afghanistan.

“These efforts can contribute to resolving hotspot issues and improving global governance,” he concluded.

(The featured image at the top shows Xi Jinping addressing the SCO summit)