President Hu Jintao says China will extend a $10 billion loan to a regional group that also includes Russia and four Central Asian states.

Hu spoke at a summit of the Shanghai Cooperation Organization (SCO) in Russia. He said the loan is intended to shore up the struggling economies of its members amid the global financial crisis.

 

Founded in 2001, the SCO consists of Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. Mongolia, India, Pakistan and Iran are observers of the organization.

 

At the annual summit, the leaders will discuss important issues including how to tackle the international financial crisis and how to expand cooperation in political, economic, security and other areas among its member states.

 

The summit is expected to yield a joint statement as well as other cooperation documents.