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Bayat Power Begins Generating Affordable Electricity for Afghans

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(Last Updated On: November 14, 2019)

Kabul, Afghanistan — November 12, 2019 Bayat Power, Afghanistan’s largest, Afghan-owned and operated Power Production Company announced today that Bayat Power-1, the region’s most technologically advanced gas fired electric power plant — and Afghanistan’s first new gas based power production plant in more than forty years — has officially started commercial operations of its vital and historic mission to provide reliable and affordable electric power to the people of Afghanistan.

Located in Sherberghan, Afghanistan — the proud epicenter of the nation’s gas-rich region — Bayat Power-1 is the company leading the resurgence of Afghanistan’s domestic power production industry. This pioneering project, built and led by Afghans, will provide the power essential for Afghanistan’s economic growth.

Powered by the brand new Siemens SGT-A45 ‘Fast Power’ turbine — the world’s most advanced mobile gas to energy power solution — phase one of Bayat Power-1’s operations will generate up to 41 megawatts of power for Afghan homes and businesses. When all three phases of Bayat  Power-1 are operational, the plant will generate more than 200 megawatts of electricity — enough to serve millions of Afghan residential and commercial clients.

“Starting today, Bayat Power-1 — our nation’s first new gas fired power plant in more than four decades — is providing affordable, reliable power to Afghan families and companies across the nation,” said Dr. Ehsan Bayat, the Founder of Bayat Power and the Chairman of the Bayat Group.

“Bayat Power 1 is meant to pioneer a new industry and serve the first step in the redevelopment of an Afghan energy sector that will be operated by Afghans, expanded by Afghans and dedicated to accelerating Afghanistan’s economic development,” Dr. Bayat said.

“Today, everyone at Bayat Power and The Bayat Group is determined that Bayat Power-1 will help all Afghans move forward together to a shared future of prosperity, innovation, and growth; a future that is bright with light generated by Bayat Power-1, and rich with bountiful opportunity and progress for all Afghans.”

For more details please visit: https://bit.ly/2qTu4V0

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Da Afghanistan Bank sees increase in gross reserves

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(Last Updated On: June 1, 2020)

The gross domestic product (GDP) of the central bank of Afghanistan, Da Afghanistan Bank, has reached more than $9 billion for the first time.

Officials at the bank said that although the global aid to Afghanistan has declined, they have succeeded to increase the bank’s reserves.

Economists also underline that the central bank’s efforts will lure global funds.

The bank’s authority has stated that they have, for the first time, been able to increase the GDP to over $9 billion.

According to them, last year about AFN22 billion was deposited in the government reserves through investments in foreign financial institutions.

Although the Coronavirus pandemic has devalued Afghan currency against the dollar, the authority is pushing for effective programs to keep the value of the currency afloat, they said.

Welcoming the strengthening of the gross reserves of DAB, experts say that the central bank’s efforts would attract global funds for good.

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Afghanistan to transit trade via Pakistan’s Gwadar port

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(Last Updated On: May 30, 2020)

The Afghanistan–Pakistan Transit Trade Agreement (APTTA) enables Afghanistan to transit trade through Pakistan’s Gwadar port under the OPTA agreement.

The Ministry of Industry and Commerce says that Afghanistan is trying to improve its economic relations with all neighboring countries and the region, pointing at the Pakistani port of Gwadar as the closest and cheapest transit route for Afghanistan’s trade.

In the meantime, the Pakistani Prime Minister’s senior advisor of economy, Abdul Razzaq Daud, has said that trade with Afghanistan is set to begin through the Gwadar port, starting with 16,000 tons of fertilizer to be shipped to Afghanistan.

In addition, the Afghanistan Chamber of Commerce and Investment considers the Gwadar port as less expensive than any others; however, it criticizes that the neighboring countries are not honest enough in their economic relations with Afghanistan.

On the other hand, experts point out that if Pakistan complies with international economic and transit laws, Afghan traders will be able to import and export goods via Gwadar port at lower costs.

This comes as economic relations between Afghanistan and Pakistan have been often strained due to political tensions, and the country has severally closed its ports to Afghan traders.

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Central bank to run campaign promote Afghani in western provinces

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(Last Updated On: May 26, 2020)

The government has set to launch a campaign over the use of Afghani currency instead of Iranian Rials in domestic transactions in western parts of the country.

Sharifullah Shagewal, a spokesman for the central bank of Afghanistan, Da Afghanistan Bank said that the organization has set to boost the use of Afghani currency in local markets.

Shagewal added that the replacing Iranian Rials with Afghani currency could gain Afghani value against foreign currencies.

According to reports, many provinces sharing borders with Iran use Rials for transactions.

It comes as the organization launched a campaign in the past one year just to tell people not to use foreign currencies in Nangarhar, Laghman, Kunar, Paktia, Paktika, Khost, Helmand, and Kandahar province, where public used to use Pakistani rupees in daily transactions.

Now, the De Afghanistan Back added that so far, it succeeded to prevent billions of Pakistani rupees from money circulation in the country.

Meanwhile, the central bank of Afghanistan urges the public to join the campaign by using Afghani currency instead of foreign currencies in their daily businesses.  

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