ISLAMABAD: The Economic Cooperation Organization (ECO) Trade and Development Bank's Board of Directors, have approved SMEs (Small & Medium Enterprises) credit facility to Orix Leasing Pakistan Limited for a total limit of up to US $10 million with a tenor of 4 years and a grace period of 1 year.

The ECO Director had already given approval in this regard in its meeting held on February 23, 2011 at its headquarters in Istanbul (Turkey).

The ETDB strongly believes that SMEs have a vital role to play as engines of economic growth in the ECO region including Pakistan and this facility would be in line with the Bank's mandate to become a driving force in the economic development of ECO member states by supporting and encouraging investments in high priority sectors such as SMEs, said a statement of the bank issued here on Friday.

The ECO Trade and Development Bank is a regional multilateral development bank established under the auspices of ECO (Economic Cooperation Organization) to promote socio-economic development and intra-regional trade amongst ECO member states.

Orix Leasing Pakistan Limited is a subsidiary of ORIX Corporation, Japan's leading integrated financial services company, spread over 26 countries including Pakistan providing leasing and other financial services to various segments of the market with a niche in the SMEs segment.