The Shanghai Co-operation Organization, which groups together China, Russia, Tajikistan, Kazakhstan, Kyrgyzstan and Uzbekistan, plans to establish a bank owned by business corporations but modeled on the Asian Development Bank (ADB). Pan Guang, the group's director of European and Asian Studies, told a China-Europe conference the bank would fund projects much like the ADB. He said governments would initially provide capital for the bank but shareholding corporations would eventually take over that role. Pan suggested China's big oil firms as examples of potential shareholders, adding that the bank would also be open to outside capital from Japan and the European Union.
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