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IWA: NKB Losses $10 Million Yearly

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(Last Updated On: October 25, 2022)

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The New Kabul Bank has a deficit of $10 million annually, Integrity Watch Afghanistan (IWA), an Afghan organization that works to increase transparency, integrity and accountability in Afghanistan said on Saturday.

The bank collapsed in 2010 after losing almost $ 1bn, many of the bank’s staff were sent to prison but the brothers of former President Hamid Karzai and his vice-president who were also involved, were granted immunity.

President Ghani reopened the Kabul Bank inquiry as his first step in a fight against corruption about more than ten months ago saying the time for action has come, but recently only nine Kabul Bank shareholders have agreed to pay their debts in a regular interval.

The bank’s founder, Sherkhan Farnood, and ex-CEO Khalilullah Ferozi were jailed for five years after being convicted last year of taking $810m of the $935m stolen.

Eighteen others were also jailed but Karzai’s brothers and one of his vice-presidents escaped prosecution because they had returned stolen funds.

IWA official said on Saturday in Kabul that after the Kabul Bank bankruptcy the new bank has lost an amount of $65 million yet and the government has failed to collect all loans.

“According to our reports the bank losses about $10 million annually and after the bankruptcy of the bank it has lost about $65 million,” Sayed Ikram Afzali the Executive Director of the IWA said.

IWA emphasizes that Afghanistan’s Central Bank must supervise closely all banks in Afghanistan and report to Afghans.

“We are in the dark, because we cannot supervise the banks internally or externally, no office is disseminating accurate information about the bank activities,” Afzali added.

According to the reports about $222 million was returned back to the bank after a special tribunal set up by Afghanistan’s Supreme Court during Hamid Karzai’s era, but after Ghani resumed the investigations the amount jumped to $480 million as final verdict issued on the biggest banking fraud.

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IEA urges World Bank to resume work on 7,000 incomplete projects

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(Last Updated On: April 19, 2024)

Officials at the Ministry of Rural Rehabilitation and Development (MRRD) say 7,000 incomplete projects of the World Bank are at risk of destruction in Afghanistan. They call on the World Bank to resume the work of these projects.

According to them, discussions have been held with the World Bank about these projects, but there has been no result yet.

“7,000 incomplete projects are being destroyed, and if the work is not started, these projects will be destroyed. We ask the World Bank to resume the work of these projects as soon as possible,” said Noorul Hadi Adel, the spokesperson of MRRD.

Meanwhile, members of the private sector also ask international institutions to resume their work in Afghanistan.

According to the officials of this sector, with the start of these projects, job opportunities will be provided for thousands of people in the country.

“These projects create employment for our people and the country will grow a lot,” said Mirwais Hajizadeh, a member of the private sector.

However, economic experts stated if the work of these projects does not start soon, they will be destroyed and the investments made in them will be wasted.

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Ten people killed by floods in Helmand

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(Last Updated On: April 19, 2024)

Ten people have been killed and six others injured by floods in Helmand province in the past week, local officials said on Friday.

According to officials, seven of those were members of the same family, and they were killed in Kajaki district last night.

“Most of the people moved from vulnerable areas to high lands and mountains, and thanks Allah the number of casualties is low,” Sher Mohammad Vahdat, the head of information of the Directorate of Information and Culture in Helmand, said adding rescue teams and security forces have been dispatched to help people.

It is said that the telecommunication system has also been disrupted due to the effect of floods in Kajaki district. Floods have also destroyed thousands of acres of agricultural land.

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UN envoy meets Indian foreign minister to discuss Afghanistan

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(Last Updated On: April 19, 2024)

Roza Otunbayeva, the UN Secretary General’s Special Representative for Afghanistan, met with the Indian Foreign Minister Subrahmanyam Jaishankar in New Delhi and discussed issues related to Afghanistan, it was announced on Thursday.

During the meeting, Otunbayeva thanked India for “its critical humanitarian support and longstanding friendship for the Afghan people” and discussed the importance of regional and international cooperation to address prevailing challenges in Afghanistan, UNAMA said on X.

Jaishankar also said on X that the sides exchanged views on the current situation in Afghanistan.

“Underlined that India has provided wheat, medicines, pesticides and school supplies. Appreciate the role of UN agencies as partners in these endeavors,” he said.

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