China to loan $10 bn to SCO nations

June 8th, 2012 - 8:56 pm ICT by IANS  

Beijing, June 8 (IANS) China has pledged a $10 billion loan to support economic development in the member countries of the Shanghai Cooperation Organization (SCO).

A two-day meeting of the heads of the six member SCO concluded here Thursday. It comprises Russia, China, Kazakhstan, Uzbekistan, Tajikistan and Kyrgyzstan.

The leaders called on the international community to work for peaceful co-existence and sustainable development.

President Hu Jintao has called for the establishment of a development bank, food security cooperation and trade and investment promotion, Global Times reported Friday.

Hu said the $10 billion loan will help boost trade within the bloc. China will also provide 30,000 research scholarships to students.

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