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Afghan Craftsmen Sign Loan Agreement with Private Bank

(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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