Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026-27, with Habib Bank chairman Sultan Ali Allana taking over as chairman of the financial cooperation mechanism.

The announcement was made by Pakistan's Ministry of Finance through its official account on X on Monday, 2 November. The ministry congratulated Allana and reaffirmed the country's commitment to strengthening financial and economic cooperation within the SCO framework.

What the consortium does

The SCO Interbank Consortium brings together financial institutions from member states to support investment initiatives and economic partnerships across the organisation. According to the finance ministry, it aims to promote sustainable development through cooperation with multilateral institutions, enhance regional trade and investment, and explore new mechanisms for developing transnational mega projects.

Its work is practical rather than ceremonial: member banks share financing expertise, back government-supported investment projects in priority areas, and help connect businesses and infrastructure plans across borders.

Part of a wider SCO role

The appointment coincides with Pakistan's chairmanship of the Shanghai Cooperation Organisation itself for the same period. Pakistan assumed the SCO chairmanship in September and is set to host the next meeting of the SCO Council of Heads of State.

Pakistan's record in the bloc

Pakistan has been a full SCO member since 2017. It hosted the SCO Council of Heads of Government meeting in Islamabad in October 2024 and currently chairs the organisation's Regional Anti-Terrorist Structure for 2025-26.

The interbank chairmanship will run through the 2026-27 term, alongside the wider SCO chairmanship, giving Islamabad a busy year of regional meetings, financing discussions and summit preparations.

Sources: AzerNEWS, "Pakistan assumes chairmanship of SCO Interbank Consortium for 2026–2027"; Global News Pakistan, "Pakistan Takes Charge of SCO Interbank Consortium for 2026-27".