The move will enable the infrastructure projects to be cost-efficient as the import component of the infrastructure projects will become relatively cheap with the settlement in the rupee, a senior official said. “The idea is to move towards a stronger rupee, and we want the rupee to be accepted in the region,” he said.
The organisation comprises eight member banks from countries such as Russia, India, China, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan.
Another official said, “We are hopeful that it will go a long way in promoting cooperation amongst the member banks in this SCO region to promote the development of infrastructure in each country.
A release by IIFCL stated that India is centred on playing an essential part in the agenda and fostering greater collaboration among member states. The 19th Council meeting will be conducive to improving economic relations and strengthening the partnership within the framework of the SCO IBC.
IIFCL is presiding over the presidency of the SCO-IBC during the period of October 26, 2022 to October 25, 2023.
IIFCL was nominated by the Department of Financial Services (DFS), Ministry of Finance to represent India at the SCO-IBC and since then it has been participating in the forum.
First Published: Apr 25 2023 | 10:43 PM IST
