1st Meeting of the Board of Governors of ECO Trade and Development Bank

ECO Secretariat, Tehran, 10 July 2006

 

Press Release

     

         

            The 1st Meeting of the Board of Governors of ECO Trade and Development Bank (ECOTDB) was held on July 6, 2006 in Ankara.  The meeting was participated by the designated Governors of all the three Member States (Iran, Pakistan and Turkey) for the bank and the Secretary General, ECO.

 

            Republic of Turkey was elected as the first chairman of the Board of Governors for one year.  All the three Member States agreed on the payment of initial capital of 20 million ECO Unit/SDR each within a month after the Bank Account is opened and officially conveyed to the member countries.  The Republic of Turkey will convey the bank account to the other founding members by July 10, 2006 to make their initial payment of subscription.

 

            President of the Bank will be nominated by the founding members on rotational basis in alphabetical order with one time exception, as the first President will be from the Republic of Turkey which will be appointed by the Board of Governors on August 28, 2006 in its 2nd meeting.  For the time being two Vice Presidents will be recruited from the founding members other than the country of the President.  Directors and alternate Directors, one each from all the three Member States will be non-residents.  A time schedule has also been charted out for nomination/appointment of the President, Vice Presidents and Directors of the Board of Governors. 

 

            The Board of Governors authorized the President to frame draft bylaws and rules of procedures of the bank and submit it to Board of Governors for approval.  Full operation of the bank will commence not later than six months following the appointment of the President on August 28, 2006.

 

            For the preparation of the Business Plan of the bank the Board of Governors authorized the President to hire a consultant firm by international tendering.

 

            The second meeting of the Board of Governors will be held on August 28, 2006.

             

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