Pakistan, Iran and Turkey are set to create a reinsurance company for the Economic Co-operation Organisation (ECO), said a report.
All three countries will provide capacity for the company, with Pakistan allocated the position of the first chairman of the ECO Reinsurance Company.
Following the creation of the reinsurance company, the ECO Development Bank will be set up, said the report.
ECO Reinsurance will provide protection of trade between the ten member states, which comprise the Islamic State of Afghanistan, Azerbaijan Republic, Islamic Republic of Iran, Republic of Kazakhstan, Kyrgyz Republic, Islamic Republic of Pakistan, Republic of Tajikistan, Republic of Turkey, Turkmenistan and Republic of Uzbekistan.
