Azerbaijan Considers Expedient its Participation in ECO Bank

Business Materials 20 November 2007 16:30 (UTC +04:00)

Azerbaijan, Baku / corr Trend I.Khalilova / The Azerbaijan Government has not officially appealed for participation in the bank, formed by the Economic Cooperation Organization (ECO), but is expedient to consider this issue, Mahmoud Mammadguliyev, the Azerbaijani Deputy Foreign Minister, said on 20 November.

According to Mammadguliyev, at present the Government is studying materials, whereas the bank is still to launch its activities. So far, only three countries ( Iran, Pakistan and Turkey) of 12 ECO member-states are participating in the formation of the bank.

The capitalization of the bank is to comprise $1bln and its task is design and trade financing in the ECO region. So far, every country has remitted $30mln.

Turkey is one of active members of ECO, which currently unites 10 countries.