First session of ECO bank due in September

Business Materials 20 May 2006 11:05 (UTC +04:00)

First session of founder-countries of the bank of Economic Cooperation Organization (ECO), Trend reports quoting Mahmud Mamedguliyev, deputy Foreign Minister. At the moment three countries, Turkey, Iran, Pakistan, are represented in the bank.

В"It is expedient for Azerbaijan to participate in the bank, and Foreign Ministry commits to this idea, though it still should be studied by other structuresВ", - Mamedguliyev outlined.

At the forthcoming session, president will be elected and other issues examined. Azerbaijan may participate in this session only if receives an invitation.

The banks charter capital is announced in amount of $1bn, but each country contributed $30mln to date. The bank aims at financing major regional economic projects