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Azerbaijan signs charter on ECOBANK membership (PHOTO)

Business Materials 28 September 2012 18:35
A charter on Azerbaijan’s joining the bank was signed during ECO Trade and Development Bank (ECOBANK) Hossein Ghazavi’s visit to Azerbaijan, the Azerbaijani Ministry of Economic Development told Trend today
Azerbaijan signs charter on ECOBANK membership (PHOTO)

Azerbaijan, Baku, Sept. 28 / Trend A. Taghiyeva /

A charter on Azerbaijan's joining the bank was signed during ECO Trade and Development Bank (ECOBANK) Hossein Ghazavi's visit to Azerbaijan, the Azerbaijani Ministry of Economic Development told Trend today.

The document was signed by Minister of Economic Development Shahin Mustafayev on behalf of the Azerbaijani government.

Earlier, a similar document was signed by Afghanistan.

Azerbaijan is a shareholder of the bank with a three percent stake.

Azerbaijan plans to allocate 9.7 million SDR (exchange rate as of Sept. 27: 1 USD = SDR 0,649437) to pay for its share in the bank's capital. Around 2.5 million (about $3.2 million) were envisaged for this purpose in the state budget for 2012.

The bank currently has 10 members, including Azerbaijan. The authorized capital of the bank is $1.5 billion.

The Trade and Development Bank of the Organization for Economic Cooperation was founded by Iran, Pakistan and Turkey in 2005. The company's headquarters is located in Istanbul.

One ECO unit corresponds to one SDR.

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