Xi promises £1bn in loans as China pushes creation of SCO development bank

Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and Chinese President Xi Jinping talk ahead of the Shanghai Co-operation Organisation in Tianjin (Suo Takekuma/Pool Photo via AP)

Chinese President Xi Jinping said China would accelerate the creation of an SCO development bank on Monday at the summit of the Shanghai Co-operation Organisation in Tianjin, as he seeks to expand the organisation’s influence and scope.

“Currently, as the global situation becomes more complex and turbulent, member states are facing more arduous safety and development responsibilities,” Mr Xi said in opening remarks to the forum.