ISLAMABAD: Pakistan has assumed the Chairmanship of the Shanghai Cooperation Organization Interbank Consortium (SCO-IBC) for 2026–2027, the finance ministry said on Monday, with Sultan Ali Allana taking over as chairman of the consortium.

Established in 2005, the financial and banking cooperation platform coordinates funding for joint infrastructure, economic and industrial projects, promoting cross-border trade, financial connectivity across Eurasia.

“The Ministry of Finance congratulates Mr. Allana on assuming this important responsibility and reaffirms Pakistan’s commitment to strengthening economic partnerships among SCO member states, facilitating cross-border trade and investment, and advancing regional integration and shared prosperity,” the Pakistani ministry said.

This coincides with Pakistan’s chairmanship of the SCO in Sept. for the same period, underscoring the country’s growing role in promoting regional trade, investment, financial connectivity and economic cooperation.

The SCO is a Eurasian political, security and economic grouping founded in 2001 by China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Pakistan and India became full members in 2017, Iran joined in 2023 and Belarus became the bloc’s 10th member in 2024.

The organization says its objectives include strengthening regional security and stability as well as promoting cooperation in areas including trade, economy, energy, transportation, technology and culture.

“Pakistan would work closely with all Member States and the SCO Secretariat to advance these priorities and further strengthen cooperation within the SCO,” the Pakistani foreign ministry said at the time, adding that it aimed to translate the members’ “shared vision” into “practical and mutually beneficial initiatives.”