Tehran, Iran, April 30
By Mehdi Sepahvand – Trend:
The Economic Cooperation Organization Trade and Development Bank (aka ECO bank) is going to give Iran 180 million euros facilities for four projects in water and electricity sectors.
The bank and Iran’s Ministry of Energy agreed over the facilities, which will go into building sewage treatment facilities, irrigation facilities, and power transfer infrastructure in four provinces in Iran, the Ministry of Energy reported on its website April 30.
According to the ministry, ECO bank has already paid 160 million euros of the facilities.
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.