on 26 october 2005, during the moscow summit of the sco, the secretary general of the organisation said that the sco will prioritise joint energy projects; including in the oil and gas sector, the exploration of new hydrocarbon reserves, and joint use of water resources. the creation of the sco interbank consortium was also agreed upon at that summit in order to fund future joint projects. the first meeting of the sco interbank association was held in beijing on 21–22 february 2006. on 30 november 2006, at "the sco: results and perspectives", an international conference held in almaty, the representative of the russian foreign ministry announced that russia is developing plans for an sco "energy club". the need for this "club" was reiterated by moscow at an sco summit in november 2007. other sco members, however, have not committed themselves to the idea. however, during the 2008 summit it was stated that "against the backdrop of a slowdown in the growth of world economy pursuing a responsible currency and financial policy, control over the capital flowing, ensuring food and energy security have been gaining special significance".