ECO Trade and Development Bank (ETDB) board of directors, in its meeting held on February 23, 2011 at its headquarters in Istanbul, approved small & medium enterprises (SMEs) credit facility to Orix Leasing Pakistan Limited for a total limit of up to USD 10 million with a tenure of four years and a grace period of one year.
ETDB strongly believes that SMEs have a vital role to play as engines of economic growth in the 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. ETDB is a regional multilateral development bank established under the auspices of Economic Co-operation Organisation 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.-PR