Pakistan secures €150mn in aid from ECO Trade and Development Bank: Marriyum

The Economic Cooperation Organization (ECO) Trade and Development Bank will provide financial assistance worth €150 million to Pakistan, announced Information Minister Marriyum Aurangzeb on Saturday.

“The aid will be utilised for flood relief as PM voiced plight of flood victims at all global forums,” she wrote in a tweet.

The financial assistance was announced by ECO Trade and Development Bank Yalcin Yuksel in a meeting with Prime Minister Shehbaz Sharif.

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On the occasion, Yuksel stated the package would contribute to flood relief efforts as well as financial support for import of fuel.

“Overall financial assistance to Pakistan since the inception of the Bank will touch approximately $1 billion after disbursement of this committed amount,” he said.

PM Shehbaz thanked ECO Trade and Development Bank and appreciated the important role it plays in meeting the development related pursuits of member countries.

He underlined that the provision of financial assistance at a time when Pakistan faces economic and environmental challenges was highly appreciated by the government and people of Pakistan.

PM Shehbaz also called for establishing railway connectivity between Istanbul to Pakistan with “some initial investment”.

“It will have huge economic benefits. We can also connect Central Asian Countries to Peshawar and Gwadar via Afghanistan,” he stated. “If we can have road links from Central Asian states to Pakistan, they will prove to be a game changer.”

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He underlined that such links could help transport oil and gas from Central Asian states to Gwadar where they could be converted to liquefied natural gas (LNG) and exported to the rest of the world.

The PM urged Yuksel to host ECO countries to enhance regional cooperation. PM Shehbaz also invited Yuksel to Pakistan.

PM Shehbaz reached Turkiye on Friday on a two-day official visit on invitation of President Erdogan. The PM will hold wide-ranging discussions encompassing bilateral relations, the regional situation and other issues of common interest.

The PM last visited Türkiye in May-June 2022.