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China Offers $10 billion Loan to SCO Members

On June 7, 2012, President Hu Jintao announced in Beijing that China will offer a loan of $10 billion to members of the Shanghai Cooperation Organisation (SCO) to promote economic development within the security group. Hu also said that China will help train 1,500 experts from other member countries over the next three years. It will also provide 30,000 government scholarships and invite 10,000 Confucius Institute teachers and students to come to China for research and study over the next decade.

The Beijing-based SCO was founded in Shanghai on June 15, 2001, and currently has six full members — China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. India, Pakistan, Iran and Mongolia have observer status in the SCO.

Source: Xinhua, June 7, 2012