Tokayev said that the SCO has failed to implement a single major project in 20 years

The Shanghai Cooperation Organization (SCO) has failed to implement a single major economic project over the 20 years of its existence, Kazakh President Kassym-Jomart Tokayev said at a meeting of the Council of Heads of State – members of the organization.

“It should be recognized that for more than 20 years it has not been possible to implement a single major economic project under the auspices of the SCO. The obvious factor is the lack of mechanisms for financial support of project activities,” said the President of the Republic (quote By RBC).

Tokayev suggested that the council of leaders of the participating countries consider the possibility of creating a “joint investment fund and make proposals on this important project.” In addition, he proposed to develop the energy strategy of the organization for the next summit, which will be held in Astana in 2024.

The SCO summit takes place on July 4 in an online format. It is also the first time that it is chaired by India. The member states of the organization are invited to the event, including China, Russia, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan and Uzbekistan. Belarus, Mongolia and Iran are taking part in the summit as observers. Islamic republic today entered in the SCO, becoming the ninth member country of the organization.