ECO Bank IDB agree to finance joint ventures

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 here Monday elaborating that ECO Bank will contribute 30 percent whereas IDB will provide 70 percent for the joint ventures among ECO members which are 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, here 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, Secretary General FPCCI Syed Masood Alam Rizvi.

The event was hosted by Federation of Pakistan Chamber of Commerce and Industry (FPCCI). ECO-CCI Headquarter is in Tehran, Iran who holds the Presidentship of the Chamber on her turn.

The President ECO-CCI informed the media that a plan was being pursued to increase the capital of ECO Bank, with assurance that the representative of this bank would be present in every meeting of ECO- CCI to find on the spot solution of the finance problems of the ECO countries.

Pakistan, Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan , Tajikistan, Turkey, Turkmenistan, Uzbekistan are the members of ECO.

http://pakobserver.net/detailnews.asp?id=126658

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