HBL Chairman Sultan Ali Allana assumes leadership of the SCO Interbank Consortium as Pakistan strengthens its role in regional trade, investment and financial cooperation.
ISLAMABAD: Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026-27, marking another step in its engagement with regional financial and economic cooperation.
The Ministry of Finance announced the development on Monday, confirming that HBL Chairman Sultan Ali Allana has taken over as head of the consortium for the upcoming term.
The appointment coincides with Pakistan’s chairmanship of the Shanghai Cooperation Organisation (SCO) for the same period, highlighting the country’s role in promoting regional trade, investment, financial connectivity and economic cooperation.
The Finance Ministry congratulated Allana on assuming the responsibility and reaffirmed Pakistan’s commitment to strengthening economic partnerships among SCO member states.
The ministry also highlighted the importance of facilitating cross-border trade and investment, advancing regional integration and promoting shared economic prosperity.
The SCO Interbank Consortium serves as a platform for financial collaboration among banks and financial institutions from member countries. Its objectives include supporting sustainable development, promoting regional investment and exploring financial mechanisms for major cross-border infrastructure projects.
Pakistan is also scheduled to host the next meeting of the SCO Council of Heads of State following its assumption of the organisation’s chairmanship in September.
The country has expanded its engagement with the regional organisation since becoming a full member in 2017, moving beyond its earlier observer status.
Pakistan previously hosted the SCO Council of Heads of Government meeting in Islamabad in October 2024. It is also chairing the organisation’s Regional Anti-Terrorist Structure for 2025-26 and holds the permanent chairmanship of an SCO working group on poverty alleviation.
The latest appointment provides Pakistan with another opportunity to participate in regional financial cooperation and strengthen economic connections among SCO member states.
