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The Eurasian Development Bank (EDB) might become the foundation for the new SCO bank, EDB Chairman of the Management Board Igor Finogenov told Rossiya 24 TV.
He said that the bank might be established either from scratch or under the EDB. The second option has more advantages because the EDB is ready to implement projects, while establishing a new bank will take years, Mr. Finogenov said.
The EDB currently hopes to work with new shareholders, among them Vietnam and Mongolia. China's participation is also possible.
In June, Russian Finance Minister Anton Siluanov announced plans to reorganise the EDB into an SCO bank.