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World Bank Pledges $350m to Ministry of Finance

(Last Updated On: July 30, 2018)

The World Bank has signed a new package of grant agreements with the Ministry of Finance (MoF) in support of reforms valued at $350 million.

The World Bank in a statement said the reforms are designed to improve efficiency and effectiveness in government operations for better revenue mobilization and service delivery.

The new financing package supports reforms in the business environment, the energy sector, and land administration to promote economic growth and employment and reduce poverty for all Afghans.

“This new World Bank support is fully aligned with the Afghanistan National Peace and Development Framework, which will strengthen the policy framework to support state effectiveness, private sector investment, growth, poverty reduction, and improve public financial management,” Humayon Qayoumi, acting Finance Minister said.

Qayoumi also thanked the World Bank and donors of the Afghanistan Reconstruction Trust Fund (ARTF) and wished to maintain their contribution in areas that are vital for Afghanistan’s economic growth.

The agreements were signed in the presence of Hartwig Schafer, a newly appointed World Bank Vice President for South Asia, who is currently visiting Afghanistan to discuss reforms and development progress in the country with the Afghan government and its international partners.

Speaking about the Public-Private Partnerships and Public Investment Advisory Project, Hartwig Schafer said: “This is a step towards maximizing the financing available for Afghanistan’s development. By mobilizing private capital for large investments, this project can boost progress towards some of Afghanistan’s key development priorities. It is a way to create partnerships that can benefit not only the Government and private sector businesses, but most importantly the people of Afghanistan.”

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