ECO Bank to provide 150 mn euros loan to Pakistan

ISTANBUL: Economic Cooperation Organization (ECO) Trade and Development Bank will provide a soft term loan of 150 million euros to Pakistan for flood relief.

This was announced by the President of ECO Trade and Development Bank Yalcin Yuksel, during a high-level meeting with the Prime Minister Shehbaz Sharif in Istanbul.

The prime minister said the financial package will contribute to flood relief efforts and fuel import. He said overall financial assistance to Pakistan since the inception of the bank would touch approximately one billion dollars after the disbursement of this committed amount.

PM 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.

He 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.

Shehbaz Sharif said 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.

He also welcomed the prospects of expansion of ECO’s outreach to the landlocked Central Asian Republics (CARs) for exploring wider economic and trade dividends of the region.

The prime minister further suggested hosting ECO member countries’ summit including CARs after consensus which would give a push to economic activities and regional cooperation.

He urged the ECO to further tap the potential of Central Asian countries which had a huge population and offer diverse potential for railways and land network connectivity.

He said developing countries like Pakistan required foreign investment and the CARs could be connected via Afghanistan, and these linkages would broaden the economic relations.

He opined that economic priority was on the ECO agenda and further prospects could provide further opportunities to developing countries like Pakistan.

The prime minister termed the idea as ‘a game changer’, adding the Gwadar port would serve as hub for transporting gas to the world. He also invited the president of the bank to visit Pakistan.