Baku may host annual ECOBANK board of governors meeting in 2015 (PHOTO)

Photo: Baku may host annual ECOBANK board of governors meeting in 2015 (PHOTO)
 / Business News

Baku, Azerbaijan, June 23

By Zulfiyya Gurbanova - Trend:

Azerbaijan proposed to hold the next annual meeting of the Governing Council of the Economic Cooperation Organization Trade and Development Bank (ECOBANK) in the capital city of Baku.

This proposal was made by Azerbaijani Economy and Industry Minister Shahin Mustafayev, who headed the Azerbaijani delegation at the 13th meeting of the ECOBANK Governing Council, held on June 20 in Istanbul, according to a message from the Economy and Industry Ministry.

The minister said that Azerbaijan is successfully cooperating with member countries of the Economic Cooperation Organization (ECO) in the political, economic and humanitarian spheres.

Mustafayev also spoke about Azerbaijan's economy, major energy and regional transport projects initiated by Azerbaijan.

Head of Azerbaijani delegation to the ECOBANK Council of Governors stressed that the Nagorno-Karabakh conflict is the most serious obstacle in the development of regional integration.

The minister also said that infrastructure, transport, information technologies, agriculture and energy industry are among the priorities for development of Azerbaijan's economy. He invited the ECOBANK to actively participate in the projects in these areas, especially in the private sector.

ECOBANK's 2013 annual report was presented and the 2014 budget was approved at the event.

Azerbaijan owns a 3 percent stake in the ECOBANK and is a full-fledged member of the bank.

Economic Cooperation Organization was established by Iran, Pakistan and Turkey in 1985. In 1993 the organization was granted observer status at the UN, and a year later at the Organization of the Islamic Conference.

Edited by CN

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