ISTANBUL: The Economic Cooperation Organization Trade and Development Bank has decided to provide a soft term loan of 150 million Euro to Pakistan.
The decision to this effect was announced by the President of ECO Trade and Development Bank Yalcin Yuksel, during a high-level meeting with the Prime Minister Shehbaz Sharif here in Istanbul on Saturday.
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He said the financial package will contribute to flood relief efforts as well as financial support for import of fuel. He said overall financial assistance to Pakistan since the inception of the Bank would touch approximately one billion dollars, after disbursement of this committed amount.
On the occasion, 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.
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.
