Turkey's Vakifbank signs loan deal with ECO Bank

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Turkeys Vakifbank signs loan deal with ECO Bank
Oluşturulma Tarihi: Ocak 15, 2009 16:30

The Economic Cooperation Organization (ECO) Trade and Development Bank has signed a loan agreement with Vakif Bank on Thursday for the purpose of facilitating import and export financing needs of local corporate groups, the ECO said in a statement.

Haberin Devamı

According to the loan agreement, Turkish companies could apply for loans to facilitate export activities, as well as for importing from ECO-member countries, spokesman for ECO told Hurriyet Daily News Online in a phone interview.

The spokesman declined for reasons of confidentiality to release details of the loan amount at the time of the interview.

It is expected that the bank will continue to sign such agreements with the other financial institution operating not only in Turkey, but also in the other ECO Bank member countries, statement also said.

The “Short Term Trade Finance Facility” has been structured and approved by the Board of Directors at the 14th Board Meeting, held on Sept. 25, 2008 to provide the necessary support to the local companies of ECO-member countries, the statement said.

Haberin Devamı

The ECO was established in 1985 by Iran, Pakistan and Turkey for the purpose of promoting economic, technical and cultural cooperation among the Member States.

In 1992, the bank was expanded to include seven new members, including Afghanistan, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.

 

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