ECO Bank IDB agree to finance joint ventures of ECO members

KARACHI: Economic Coordination Organisation (ECO) Bank has reached an agreement with Islamic Development Bank (IDB) to jointly finance the projects in partnership between two or more ECO countries.

President ECO-CCI, Dr Mohammad Nahavandian said Monday elaborating ECO Bank would contribute 30 percent whereas IDB would provide 70 percent for the joint ventures among ECO members, which were potential and are dully supported with feasibility reports.

Dr Nahavandian , who is also the President of Iran Chamber of Commerce, Industry and Mines, was briefing the media on conclusion of three-day series of meetings of different committees of ECO Chamber of Commerce and Industry, at Islamic Chamber of Commerce and Industry (ICCI).

He was flanked by Secretary General ECO-CCI, Dr Mohammad Reza Karbasi, President of Turkish Chamber (TOBB) Rifat Hisarcikloglu, Vice Chairman of Confederation of South Asian Chambers and former president of FPCCI Tariq Sayeed, President FPCCI Senator Haji Ghulam Ali and Secretary General FPCCI Syed Masood Alam Rizvi. Federation of Pakistan Chamber of Commerce and Industry FPCCI hosted the event. ECO-CCI Headquarter is in Tehran, Iran who holds the Presidentship of the Chamber on her turn. app