Agreement on an interbank cooperation (association) within the framework of the Shanghai Cooperation Organization (Interbank Association, or SCO IBA) was executed in Moscow on October 26, 2005. The association was incorporated in accordance with the resolution issued by the Council of the Heads of the SCO Member States (the prime ministers) of 2004, concerning the formation of the SCO development fund. Due to the disaccord in approaches, the parties accepted the proposal of the Russian Federation to develop two lines of cooperation, including the SCO development fund and the "banking pool", which was later converted into SCO IBA.
Kazakhstan will serve as the Chairman of the IBA Council - the coordinating organ of the Association - through the end of October, 2008. As of October 26, 2008, the IBA Council will be chaired by Russia.
On June 14, 2006, the meeting of the IBA Council was held In Shanghai, where several documents that constituted the regulatory basis for the effective operation of the Association were accepted, including Provisions regulating the operation of the IBA Council within the framework of the SCO, General principles of the formation and management of the bank of projects of the SCO Interbank Association, and the Framework Principles of Mutual Issuance of Credit Lines between the Member Banks of the Interbank Association within the framework of the SCO. Additionally, the representatives of the Interbank Association executed the Action Program in support of regional economic cooperation between IBA member banks within the framework of the SCO.
On August 16, 2007, IBA and the Business Council of the SCO (a nongovernmental structure that united the business communities of the SCO member states) signed their Cooperation Agreement in the aftermath of the meeting of the Council of the Heads of SCO Member States. This document considered the creation of a unified database that would include all investment projects to be jointly implemented within the framework of the SCO, exchange of business proposals, and coordination of efforts in information technologies to ensure comprehensive and unbiased coverage of economic interaction within the SCO, as well as cooperation in the training of specialists in economics.
The Memorandum on Fundamentals of Partnership Relations between SCO IBA and Eurasian Development Bank was executed in the course of the SCO summit held in Dushanbe on August 28, 2008.