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Afghan Craftsmen Sign Loan Agreement with Private Bank

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(Last Updated On: February 22, 2017)

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A Memorandums of Understanding (MoU) worth $30 million was signed between the Afghanistan Industrial Association (AIA) and a private bank in Kabul on Wednesday.

Dozens of craftsmen signed loan agreements based on Islamic banking with Afghanistan’s International Bank (AIB).

“This loan is for four years, we are trying to seek multiple options to grow out internal products,” Sakhi Ahmad Payman, head of the Association said.

At the same time, an official in Afghanistan’s Chamber of Commerce and Industries (ACCI) claim that the government has about $5 billion for investment purposes, but officials are not cooperating with craftsmen.

“We are ready to build our country and solve our problems by our own. The Government has paid no attention to us, but we are committed,” Baz Mohammad Afsar, Deputy of the ACCI stated.

Meanwhile, a representative for private banks spoke about continuation of their cooperation with private sector.

“This loan is for craftsmen to import machinery, latest technologies, build factories and we do provide loans for others sections as well,” Zulfoqar Ali, representative for private banks told.

The Association asked the government of Afghanistan to open an industrial bank in the country to grow the private businesses.

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ADB approves $110 million grant to boost power supply to Afghanistan

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(Last Updated On: October 1, 2020)

The Asian Development Bank (ADB) on Wednesday approved a $110 million grant to boost power supply and strengthen Afghanistan’s energy sector by improving its sustainability and promoting cross-border trade in energy. 

“The project will help address Afghanistan’s chronic power shortage by immediately doubling the volume of power imports and ensuring long-term cost-competitive electricity supply,” read a statement issued by ADB. 

Once complete, the project will provide improved access to customers and facilitate 500,000 new connections to households, commercial entities, and industrial customers.

“Demand for electricity is growing rapidly in Afghanistan and is essential for the country’s economic growth,” said ADB Energy Specialist Nana Gurgenidze. 

“The project will help provide reliable and affordable electricity to households and businesses by strengthening the grid and increasing power import capacity by 900 megawatts, with year-round firm energy imports of 3,000 gigawatt-hours.”

Afghanistan relies on energy imports from neighboring countries to meet its domestic demand and despite significant progress since 2002, only about 34 percent of the population has access to grid-connected electricity.

According to the ADB, the project will finance the construction of 201km of a 500-kilovolt overhead transmission line from the Surkhan substation in Uzbekistan to the Khwaja-Alwan substation in Afghanistan – a key interconnection node to receive power from Tajikistan, Turkmenistan, and Uzbekistan. 

It will also fund the expansion of a line bay, including associated equipment, at the Khwaja-Alwan substation and the project will allow Uzbek power into the Afghan grid under a 10-year power purchase and sales agreement signed in August 2020 by the Afghanistan and Uzbekistan governments.

In addition, staff, including female engineers at the national power utility Da Afghanistan Breshna Sherkat (DABS), will be trained to manage cross-border power transfer and parallel operations, including emergency operation systems with CAPS, read the statement.

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Afghanistan, Turkmenistan sign MoUs, seal private sector contracts

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(Last Updated On: September 30, 2020)

Afghanistan and Turkmenistan signed three memoranda of understanding (MoUs) and an economic cooperation agreement in Kabul on Wednesday for electricity and fiber optics.

In a statement issued by the Presidential Palace (ARG), two companies will be responsible for transferring 500 MW of electricity from Turkmenistan to Afghanistan and for connecting a fiber optics network. The companies are Afghanistan’s Bayat Group and Turkmenistan’s Chalak Company.

During the official signing ceremony, Afghan President Ashraf Ghani thanked the two companies for their cooperation and said Turkmenistan and Afghanistan are proving to be good neighbors amid efforts to strengthen diplomatic and economic ties. 

“Thanks to the presence of Bayat Group and Chalak Private Company, it shows that Afghan and international private companies have joined hands to provide electricity,” Ghani was quoted in the statement as having said. 

“Fiber optics is the infrastructure of the 21st century and this infrastructure gives hope to our youth. Innovative work in the 21st century is impossible without a comprehensive understanding of fiber optic networks, connectivity and modern technology,” he stated.

Representing Turkmenistan at the event was Turkmen Ambassador to Afghanistan Ovezov Hoja Sapargeldievich.

The ambassador said talks between the presidents of Turkmenistan and Afghanistan had always been about bilateral cooperation and partnership. He said his country supports all efforts and initiatives for peace and stability in Afghanistan and hoped that Afghanistan would achieve peace as soon as possible.

Ghani in turn thanked the ambassador and the President of Turkmenistan Gurbanguly Berdimuhamedow and said that with ongoing efforts to strengthen ties new avenues, including the lapus lazuli and silk road routes, were projects that will be delivered on. 

He said the countries were today able to revisit history and make up for the time lost in recent years. 

Ghani also said the TAPI pipeline project would benefit both countries and the people of Afghanistan. 

“Turkmenistan is a good neighbor not only to Afghanistan, but to all of us, and we are going back to our ancient roots,” he said.

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Three-day expo of Iranian goods and services underway in Kabul

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(Last Updated On: September 23, 2020)

Iran is hosting a three-day trade exhibition in Kabul in the hope of strengthening bilateral trade ties with Afghanistan. 

Speaking at the event, Iran’s Ambassador to Afghanistan Bahador Aminian said the exhibition aims to promote trade and share technical “know-how” with Afghanistan. 

Iran’s Commercial Consular in Kabul Javanmard Qassab said the exhibition will last for three days in an effort to introduce Iranian products to Afghan customers.

He said the embassy was hoping to sign agreements between Iranian and Afghan businesses. 

Trade value between the two countries has now topped $1.5 billion, with Iran exporting a large amount of goods to its neighbor annually. 

Afghan traders are also showcasing their products to Iranian businesses.

 Representatives of 21 Iranian companies that offer services within the municipal sector are participating along with 54 other Iranian companies. 

These companies are from a cross-sector of the commercial industry including technical and engineering services, along with electricity, energy and telecommunications providers.

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