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ADB’s governors approve ADB’s financial statements

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(Last Updated On: May 22, 2020)

The Board of Governors of the Asian Development Bank approved ADB’s financial statements in its first-ever virtual Annual Meeting.

ADB on its official website wrote that its Board of Governors had approved ADB’s financial statements and the allocation of its 2019 net income in the Annual Meeting today.

The annual meeting took place through video conferencing (VTC) Friday amid the COVID19 pandemic.

In his remarks to the meeting, ADB President Masatsugu Asakawa said, “Our immediate priority is to provide vital support to developing member countries as they confront the COVID19 pandemic and return their economies to a path of sustainable growth,”

“Your approval today of the financial statements and allocation of net income ensure that we have the tools and financial stability to address the enormous challenges that now affect the lives and economies of millions of people across our region,” he added.

The Chair of the Board of Governors said, “Our choices and efforts today will determine whether we can overcome the current health care and economic crises.”

He added, “The ADB should turn this crisis into an opportunity while enhancing knowledge sharing on COVID-19 policy responses and expanding support for low-income countries and vulnerable groups.”

The Board of Governors adopted a resolution to allocate $1.069 billion of net income from ADB’s 2019 ordinary capital resources.

The allocable net income will be distributed as follows:

  • $615.7 million to support ADB’s capital adequacy to generate net income,
  • $259.5 million to the Asian Development Fund, which provides grants to ADB’s low-income member countries,
  • $130 million to the Technical Assistance Special Fund, which includes support to respond to the COVID19 pandemic,
  • $30 million to the Regional Cooperation and Integration Fund,
  • $24 million to the Climate Change Fund, and
  • $10 million to the Asia Pacific Disaster Response Fund.

ADB is actively supporting its members as they address the effects of COVID-19 through its $20 billion response package announced on 13 April.

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Turkmenistan makes ‘significant progress’ on TAPI pipeline project

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(Last Updated On: April 29, 2024)

Turkmenistan has made “significant progress” on the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, said TAPI Pipeline Company Limited CEO Muhammetmyrat Amanov.

“Turkmenistan is making significant progress on the TAPI natural gas pipeline, which will supply 33 billion cubic meters to South Asia annually,” he said.

Speaking at the Turkmen Energy Investment Forum (TEIF 2024) currently being held in Paris, Amanov highlighted that Turkmenistan’s section of the pipeline had been completed and ongoing discussions to advance the project beyond Turkmenistan were in strict alignment with the international standards.

He said the project envisaged environmental sustainability by leveraging natural gas to reduce emissions significantly compared to coal and oil, thereby tackling indoor pollution and enhancing regional air quality.

“In light of the ongoing project developments, Turkmenistan remains committed to upholding the international law, fulfilling its obligations and adhering to international norms and regulations,” he said.

This approach reaffirms Turkmenistan’s dedication to global cooperation and legal integrity in executing the TAPI project.

Looking ahead, the project’s focus is shifting to the Herat Offtake Strategy in Afghanistan, which will play a critical role in environmental protection by reducing air pollution, while also contributing to maintaining public safety, he said.

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Azizi calls on Malaysian investors to invest in Afghanistan

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(Last Updated On: April 24, 2024)

Nooruddin Azizi, Acting Minister of Commerce and Industry, met with representatives from the ministries of foreign affairs, defense and interior of Malaysia, along with other senior officials, on Wednesday and called on Malaysians to invest in Afghanistan.

The visiting delegation is being led by senior diplomat Dr. Shazelina Zainul Abidin.

According to the IEA’s foreign ministry, the two sides discussed bilateral trade, holding a business communication conference to strengthen trade relations between the two countries, the trade balance between Afghanistan and Malaysia, and creating a market for Afghan products, including carpets, cotton, and minerals.

According to the ministry, at the end of the meeting, the Acting Minister emphasized the increase of investment from regional countries in Afghanistan and called on Malaysian investors to also invest in Afghanistan.

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Afghanistan starts exporting via railway to Turkey

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(Last Updated On: April 22, 2024)

The Ministry of Interior says that Afghanistan has started exporting goods to Turkey via the Herat-Khaf railway line.

In a post on X, the ministry said: “Afghanistan’s exports to Turkey started in a calm atmosphere through the Herat-Khaf railway line.”

The ministry added that one train will run daily for a month and then two trains will run daily.

According to the ministry, the security of Khaf-Herat railway line is provided by the guards of the National Public Protection Agency.

Khaf-Herat railway project not only connects Iran and Afghanistan by rail, but also completes a 2,000-kilometer route along the east-west rail corridor from China, through Uzbekistan, to Afghanistan, to Iran, and on to Turkey and Europe.

As a landlocked country, this railway network will provide a safe route to connect with Europe via Iran’s railway network and Iran’s southern ports.

This railway line is strategic for trade between Iran and Afghanistan and will allow six million tons of goods to be sent between the two countries.

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