ISLAMABAD, July 13: Adviser to the Prime Minister on Finance, Revenue, Economic Affairs and Statistics Dr. Salman Shah, has been elected chairman of the ECO Trade and Development Bank which has its headquarters in Istanbul.

He was elected unanimously as chairman of the board of governors of the ECO Bank at its meeting held in Istanbul in the first week of July.

The ECO bank was established with equity from Iran Pakistan and Turkey, who are equal partners in the Bank. The objectives of the ECO Bank include initiation, promotion and provision of financial assistance to extend intra-regional trade to accelerate economic development and improvement of infrastructure in the three countries. The Board of Governors of ECO Trade and Development Bank comprises the three founding members.

Dr. Salman Shah's election as chairman would further boost economic development in Pakistan as the Bank will be able to invest in Pakistan, especially in sectors of energy, export based industry, infrastructure development and intra-regional trade between the ECO countries.—APP