€150m ECO Bank aid for relief work

PM urged ECO to further tap the potential of Central Asian countries


APP November 27, 2022
A woman, who is a flood victim, looks after children while taking refuge at a relief camp following rains and floods during the monsoon season, in Sehwan, Pakistan September 9, 2022. REUTERS

ISTANBUL:

Prime Minister Shehbaz Sharif on Saturday said Pakistan would utilise €150 million financial assistance from Economic Cooperation Organization (ECO) Trade and Development Bank for flood relief.

He was talking to the ECO Trade and Development Bank President during the signing ceremony of the financial assistance to Pakistan.

He welcomed the prospects of expansion of outreach to the landlocked Central Asian Republics (CARs) for exploring wider economic and trade dividends of the region.

The prime minister further suggested hosting of the ECO members countries' summit, including the CARs, with proper agenda after consensus which would give a push to the economic activities and regional cooperation.

The prime minister urged the ECO to further tap the potential of Central Asian countries which had a huge population and offering diverse potential of railways and land network connectivity.

He said that developing countries like Pakistan required foreign investment and the CARs could be connected via Afghanistan, and these linkages would broaden the economic relations among all the regional countries.

He opined that economic priority was on the ECO agenda and further prospects could provide further opportunities to the developing countries like Pakistan.

The prime minister termed the idea as "a game changer", adding that the Gwadar port would serve as a hub for transporting gas to the world. He opined that railroads and roads connectivity would shape the regional landscape, through a vision of three-way economic cooperation.

The countries rich with natural resources could export their goods through these linkages, he added. He also invited the president of the Bank to visit Pakistan.

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