ECO Trade Development Bank (ECO-TDB) will provide financial assistance to Pakistani exporters to promote their trade with other members of Economic Co-ordination Organisation (ECO). This was stated by the president of ECO Bank, Murat Ulus while talking to chief executive Trade Development Authority of Pakistan Tariq Ikram here on Wednesday.
He said that ECO Bank has two primary motive of its establishment in Pakistan. First, is to increase input in regional trade between ECO members and second, is to promote economic development in the country by exploring venues for financing needy sectors.
He said that ECO Trade Development Bank will also look into the possibilities for collaboration with commercial banks in Pakistan having good portfolio and experience of working with small and medium enterprises (SME). While welcoming the establishment of ECO Trade Development Bank in Pakistan, Tariq Ikram said that the country lacks spectrum of financial services for local exporters, which included risk management, collateral management for SMEs.
Tariq Ikram said that TDAP had signed several memorandums of understanding (MoUs) with various countries to explore possibilities of trade development. He said TDAP would welcome the possibility of singing MoU with ECO Trade Development Bank and act as a conduit between ECO Bank and Pakistani exporters to further facilitate export promotion.
Murat Ulus assured that all the suggestions of TDAP will be evaluated, as collaboration was vital for ECO Bank and the proposal of an MoU will be looked into shortly. Secretary TDAP Naved Arif pointed out that there was a huge potential in food processing and the right step in this direction can enhance exports.
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