Istanbul, 26 November 2022
ECO Trade and Development Bank extends Euro 150 million financial assistance to Pakistan
ECO Trade and Development Bank will provide a soft term loan of Euro 150 million to Government of Pakistan.
This was announced by Mr. Yalçın Yüksel, President of the ECO (Economic Cooperation Organization) Trade and Development Bank during a high-level meeting with Prime Minister Shehbaz Sharif in Istanbul today.
The financial package will contribute to flood relief efforts, as well as financial support for import of fuel. The overall financial assistance to Pakistan since the inception of the Bank would touch approximately USD 1 billion, after disbursement of this committed amount, he added.
Prime Minster Shehbaz Sharif thanked the ECO Trade and Development Bank and appreciated the important role of the Bank in meeting development related pursuits of member countries.
The ECO Bank has been an important entity in the overall institutional framework of ECO member countries and its long-standing relations with Pakistan are commendable, the Prime Minister added.
The Prime Minister underlined that the provision of financial assistance by ECO Bank at a time when Pakistan faces economic and environmental challenges is highly appreciated by the government and people of Pakistan.
The meeting was attended by Syed Naveed Qamar, Minister for Commerce, Ms. Maryam Aurangzeb, Federal Minister for Information, Syed Tariq Fatemi, Syed Fahad Hussain, Special Assistants to the Prime Minister and Dr. Yousaf Junaid, Ambassador of Pakistan to Türkiye.
From the ECO Bank’s side, besides the President, Mr. Sheryar Taj and Mr. Mahdi Kasraiepoor, Vice Presidents of ECO Bank participated in the meeting.