ISLAMABAD: Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for the 2026-27 term, with Habib Bank Limited (HBL) Chairman Sultan Ali Allana taking charge of the position.
The Ministry of Finance announced the development on Monday, saying it coincided with Pakistan’s chairmanship of the Shanghai Cooperation Organisation (SCO) for the same period.
In a statement, the ministry congratulated Allana on assuming the responsibility and expressed confidence that Pakistan would play an active role in strengthening financial and economic cooperation among member states.
It said the country remained committed to expanding economic partnerships, promoting cross-border trade and investment, and supporting regional integration and shared prosperity.
The ministry added that Pakistan’s leadership of both the SCO and its Interbank Consortium reflected its growing role in promoting regional trade, investment, financial connectivity and economic cooperation.
Established in 2005, the SCO Interbank Consortium provides a platform for banks from member states to work together on investment and financing initiatives. Its objectives include supporting development projects, facilitating financial cooperation and strengthening banking ties across the region.
Pakistan is represented in the consortium by HBL, whose chairman, Allana, will lead the platform during the 2026-27 term.
Pakistan became a full member of the SCO in 2017 after holding observer status since 2005. Since then, it has hosted several activities and high-level meetings under the organisation’s framework.
These include a joint counterterrorism exercise with China at the National Counter-Terrorism Centre in Pabbi in 2021 and an SCO seminar on military medicine in Rawalpindi in March 2024.
Islamabad also hosted the 23rd meeting of the SCO Council of Heads of Government in October 2024. The summit brought together delegations from all 10 member states, with eight countries represented by their prime ministers.
Pakistan has also hosted discussions on regional transport connectivity and poverty alleviation, reflecting its engagement with the organisation’s broader economic and development agenda.
