In a major development, the Economic Cooperation Organization (ECO) Trade and Development Bank on Saturday announced to provide financial assistance worth €150 million to Pakistan.
The development came during a meeting between Prime Minister Shehbaz Sharif and ECO Trade and Development Bank President Yalcin Yuksel in Istanbul.
Yuksel said the financial package will contribute to the flood relief efforts as well as financial support for the import of fuel. He maintained that overall financial assistance to Pakistan since the inception of the bank would touch approximately one billion dollars, after the disbursement of this committed amount.
Speaking on the occasion, PM Shehbaz thanked the ECO Trade and Development Bank and appreciated the important role of the bank in meeting the development-related pursuits of member countries.
He underlined that the provision of financial assistance by the ECO Bank at a time when Pakistan faces economic and environmental challenges is highly appreciated by the government and the people of Pakistan.
The prime minister said that ECO Bank has been an important entity in the overall institutional framework of ECO member countries and its long-standing relations w ith Pakistan are commendable.