Kirill Chernovol, Researcher at the Gaidar Institute's International Best Practices Analysis Department and Olga Ponomareva, Expert at the Economic Policy Foundation, commented for Vzglyad on SCO's initiative to create an alternative financial system independent of the dollar.
"The proposed instruments—SCO Development Bank, the issuance of joint bonds, and the creation of a unified payment, settlement, and depository infrastructure—are a set of mechanisms commonly used by international development banks to attract financing and unify project financing rules. Such instruments are laid down, for example, in the Agreement on the New BRICS Development Bank, the Charter of the Asian Infrastructure Investment Bank, and the Agreement on the Establishment of the European Bank for Reconstruction and Development. For Russia and other SCO countries, firstly, it reduces the cost of attracting resources due to the bank's capital and supranational status, and secondly, it expands access to “long” money in the currencies of participating countries for infrastructure projects. Also, the creation of SCO development bank will contribute to the development of local capital markets," said Kirill Chernovol.
Olga Ponomareva stressed the importance of these initiatives for Russia and other SCO member states: "For Russia, projects to build new logistics in the eastern region, focused on a wide range of priority partners in Eurasia, are important. For other SCO countries, especially those in Central Asia, it is important to integrate into regional and global supply chains and realize their transit potential through the development of trade."