The Bank in Brief

The Economic Cooperation Organization Trade and Development Bank (the Bank) was established by the three founding members of the Economic Cooperation Organization (ECO); Iran, Pakistan and Turkey. The Articles of Agreement  became effective on August 3, 2005 with the parliamentary approvals of all three member countries. Its authorized capital is 1 billion SDR while the subscribed portion of it  is 300 million SDR, which is to be paid in five equal annual installments by the member countries equally. Soon after the Articles of Agreement became effective in 2005, the governments of the three member countries appointed all the members of the Board of Governors and Board of Directors in 2006. For the first five years starting from November 2006 the first President of the Bank is from Turkey and the position of the President will pass to other member countries on a four-year rotation basis after the first five years. The headquarters of the Bank is in Istanbul, Turkey. Mr. Murat Ulus was appointed as the first and founding President of the Bank for a five-year term in November 2006. The Bank’s establishment process has started and has been going on since January 2007 and it is expected that the Bank will start its financial operations through financial intermediaries by the first quarter of 2008.

The mission of the ECO Trade & Development Bank is to initiate, to promote and to provide financial facilities to expand intra-regional trade and to promote the economic development of ECO member countries.