ECO Trade and Development Bank

Company Description

The Economic Cooperation Organization Trade and Development Bank is a Multilateral Development Bank (MDB) established on August 3, 2005 by Iran, Pakistan and Turkey, which are the founding members of the ECO. The Headquarters Agreement of the Bank was ratified by the Republic of Turkey in July 2007 completing the formalities to establish the Bank. Being an MDB, the Bank is not a profit maximizing organization but would rather focus on financing development programmes and projects at reasonable costs with a favourable repayment conditions as pursued by other MDBs such as World Bank, Asian Development Bank, Islamic Development Bank, European Investment Bank, Black Sea Trade and Development Bank, etc.