Business
ADB Provides $887 Million to Support Inclusive, Sustainable Growth in Afghanistan
The Asian Development Bank’s (ADB) Board of Directors has endorsed a new 5-year country partnership strategy (CPS) to establish a stronger foundation for sustainable growth and poverty reduction in Afghanistan, the bank said in a press release.
The 2017-2021 strategy is expected to provide $887 million in grants to Afghanistan, a founding member of ADB, through 2020. Sovereign operations will focus on energy, transport, and agriculture and natural resources. To date, ADB has provided over $4.9 billion in grants and loans to the country.
“ADB is one of Afghanistan’s leading partners in infrastructure and regional cooperation and brings in-depth experience delivering projects in fragile and conflict situations,” said Samuel Tumiwa, ADB Country Director for Afghanistan. “Our new CPS brings a holistic approach combining infrastructure investments with capacity building for the government to ensure ADB projects make an impact in reducing poverty and encouraging growth.”
Despite marked improvements since 2002, Afghanistan still faces a severe infrastructure deficit that negatively affects the country’s economic growth and job creation.
According to the bank, only about 32% of the population has access to grid-connected electricity and more than 70% of the interprovincial and inter-district roads remain in a poor state. Only 10% of irrigated land has formal irrigation systems, with the rest relying on inefficient informal systems that hold back productivity, higher incomes, and job opportunities.
The country’s security situation has hampered economic growth, averaging 1.4% during 2014-2016. With the poverty rate close to 40%, there is still a need to improve the country’s infrastructure, climate resilience, and gender equality.
ADB was one of the first organizations to return to Afghanistan in 2002 when the country needed help. The reconstruction work is part of a decade long partnership that has transformed lives in the country.
The Ministry of Commerce and Industry said Thursday it has signed cooperation agreements with ten institutions to support the development of small and medium-sized enterprises.
Nooruddin Azizi, Acting Minister of Commerce and Industry, said: “In the implementation of projects, we must pay special attention to our activities and actions and try to make useful use of the projects according to the requirements and benefit the beneficiaries.”
These ten institutions are to present their projects, the total value of which is around over $1.1 million. The projects will be carried out in Kabul, Baghlan, Ghor, Herat, Logar, Nangarhar, Balkh, Badakhshan and Jawzjan provinces and provide direct jobs for about 1,000.
To date, the ministry has signed MoUs for 72 projects in total, collectively valued at about $53.6 million.
These agreements have been signed with domestic and foreign companies for the establishment of small and medium-sized businesses.
In accordance with the principles and laws of the Islamic Emirate and prioritizing the implementation of projects for immigrants and returnees and internally displaced people, the ministry said 635,865 people will benefit through jobs directly and over 4.3 million will benefit indirectly in 25 provinces once these projects are implemented.
The National Statistics and Information Authority (NSIA) confirmed Tuesday that in the last month of solar year 1402, (March 2024) Afghanistan’s exports totaled $141.1 million and imports totaled $789.6 million.
This was down from $174 million for exports in the same period in 1401. However, imports increased by $99.2 million in 1402, up from $690.4 million.
Most exports in the last month of 1402 went to Pakistan, India and the United Arab Emirates, while in the last month of 1401 exports went to Pakistan, India and China.
The Ministry of Interior said the governor of Herat province Islam Jar met with Alim Khan Yasin Gildaye, Ambassador of Kazakhstan to Afghanistan, to discuss various issues around trade.
According to the ministry, the two sides discussed the expansion of trade facilities, increasing the volume of trade exchanges between traders of the two countries, reducing customs tariffs, solving the challenges of traders and issuing visas to them.
The Afghanistan-Kazakhstan Chamber of Commerce has been opened in Herat in order to facilitate and increase trade between the two countries.
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