Kazakhstan is advancing initiatives to support future-oriented technologies through the planned Development Bank of the Shanghai Cooperation Organization (SCO). On April 29–30, 2026, discussions in Xi’an, China, focused on identifying additional funding sources for the economies and infrastructure projects of SCO member and partner states.
The meeting brought together deputy finance ministers from SCO countries and partners, along with representatives of the SCO Secretariat. Kazakhstan was represented by Vice Minister of Finance Dauren Kenbeil, who participated in the second consultative session on establishing the SCO Development Bank.
Participants reviewed key aspects of the proposed institution, including its priority investment areas and approaches to capitalization.
In his address, Kenbeil emphasized that the bank should prioritize support for next-generation technologies. He highlighted sectors such as artificial intelligence and biotechnology, as well as mechanisms for transferring industrial and green technologies, including those from China.
Discussions also covered non-sovereign financing, the use of local currencies in forming authorized capital, and alternative financial instruments.
The sides agreed to continue consultations at a high level, with the next meeting scheduled for May 28–29, 2026, in Bishkek, Kyrgyzstan.
On the sidelines, a meeting was held with Liao Min, Vice Minister of Finance of China, where the parties discussed final steps for issuing panda bonds in the Chinese market and financing a pumping and filtration station project in Astana.
