A new multilateral development bank is to be formed by a grouping of at least 10 states stretching from Turkey to Central Asia and Pakistan known as the Economic Co-operation Organisation (Eco). The new bank will be called the Eco Development Bank and will focus on building broader regional co-operation and peace in the region. The Turkish government hopes that the new bank, headquartered in Istanbul, will form a major part of its strategy to make its largest city a key financial centre in the region.
Speaking to The Banker in London in early February, Turkey’s finance minister Kemal Unakitan says that Turkey, Iran and Pakistan have discussed the project for many years but it was only at a meeting of the 10 finance ministers in Islamabad, Pakistan, in late January that initial plans were confirmed.
