Trilateral Interim Committee meeting on the

Establishment of ECO Trade & Development Bank

PRESS RELEASE

            A Two-day Meeting of the Trilateral Interim Committee on the Establishment of ECO Trade & Development Bank was held on 6-7 April 2004 in Ankara, Republic of Turkey. The representatives of the Islamic Republic of Iran, Republic of Turkey, Islamic Republic of Pakistan and ECO Secretariat participated in the meeting.

The Head of the Turkish Delegation Mrs. Seven Yücel, Acting Director General of Undersecretariat of Treasury of the Republic of Turkey inaugurated the meeting. She emphasized Turkish commitment for the establishment of the Bank as a solid and important step for intra-regional trade and investments. The Bank will increase further the opportunities to cooperate among the member countries and will contribute to the efforts to enhance stability and prosperity in the region.

            Addressing the inauguration ceremony Mr. Orhan Isik, Deputy Secretary General of the ECO Secretariat mentioned the fundamental objectives of ECO: to promote and liberalize intra-regional trade, gradually move towards integrating all the regional economies to the world economy, develop transport and communication infrastructure, mobilize and utilize the regions natural resources and to capitalize on its agricultural and industrial potential. He said that the intra-regional trade has been  continued to remain at a low level so far and establishment of this Bank will help in fostering intra-regional trade. The Bank will also play the Role of an intellectual guide by providing reports and studies to the member states on matters of general or sectoral policy reforms in a more reinforced manner.

The Interim Committee considered operational modalities of the Bank. All the member countries expressed their commitments and renewed their willingness for the early operationalization of the ECO-TDB.

The Interim Committee approved the Terms of Reference (TOR) for a consultancy assignment for preparation of the Business Plan of the ECO Trade & Development Bank. As decided by the Committee the Consulting Institutions should have international affiliation and reputation with sufficient relevant experience in working with financial institutions, regional and international development banks. The Consultancy Institution should be experienced in all aspects of their operations including marketing, product servicing, asset/liability management and market strategy.

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