ECO Trade And Development Bank Held 21st Annual Meeting Of Its Board Of Directors

The online annual meeting of ECO Trade And Development Bank was held on June 21, 2022. The members of this bank participated in the meeting where the acting Governor of Da Afghanistan Bank, Mr. Abdul Qahir (Haji Idrees) and Chairman of the ECO Trade and Development Bank’s Board of Directors were in also in attendance.

The meeting was started by the President of the ECO Bank, Mr. Yalçın Yüksel and thereafter Mr. Abdul Qahir (Haji Idrees) delivered his opening remarks. As a member of the ECO Bank, Governor of the Afghanistan’s Central Bank ensured his commitment and cooperation with this bank. He praised the initiatives of the ECO Bank in 2021 and the tireless efforts of the authorities of this bank which had resulted in net income of about 12 million dollars.

While referring to the credit granted to the member countries by the ECO Bank and the credit extension to other members thereof, the acting Governor of DAB added that hopefully when conditions allow, Afghanistan will also avail the loan and credit facilities of this bank in infrastructure projects and economic development of the country.

After that, the ECO Bank Secretary General Mr. Khusrav Noziri shared his views and thereafter the agenda of the meeting was approved by the members of the meeting. Subsequently, the annual report 2021 of the ECO Bank  and financial reports were presented which were approved by the Board of Directors.

The independent audit report was also presented and the members approved it. After that, a number of member countries also shared their views.

It’s worth mentioning that the net income of the ECO Bank in 2021, which was added to the capital of the bank pursuant to article 27 of this bank’s Articles of Association, was also approved by the members. At the end, the periodic chairmanship of the ECO Bank’s Board of Director was transferred to the country of Azerbaijan.

It’s to mention that this bank was established for the purpose of creating, promoting and providing financial and credit facilities aimed at regional business development and accelerating economic growth of the member countries under the ECO organization, with its headquarters located in Istanbul, Turkey. Afghanistan became a member country of this organization in 2014 and participates in its meetings on a regular basis.

Da Afghanistan Bank has been constantly trying to ensure and improve its relationships with international and regional financial institutions, and play an active role in creating better banking and financial facilities.