Business
IEA signs Amu River basin oil extraction contract with Chinese company
Islamic Emirate of Afghanistan’s (IEA) officials signed a contract on Thursday with China’s CAPEIC (Xinjiang Central Asia Petroleum and Gas Co) Company for the extraction of oil in the Amu River basin, which covers a large area across parts of three northern provinces.
The signing ceremony was held at the Government Information and Media Center (GMIC) in Kabul, in the presence of Mullah Abdul Ghani Baradar Akhund, the Economic Deputy of the Prime Minister, and China’s ambassador to Kabul.
Speaking at the event, Sheikh Shahabuddin Delawar, the Minister of Mines and Petroleum, said: “According to the order of the Supreme Leader and the guidance of the Prime Minister and the Economic Deputy of the Ministry, today we will sign an oil extraction contract with a Chinese company.”
The ministry said oil will be extracted from an area covering 4,500 square kilometers across parts of Sar-e-Pul, Jawzjan and Faryab provinces.
Delawar said the rate of oil extraction will be from 1,000 to 23,000 tons per day and the company will invest up to $150 million dollars a year, which will increase to $540 million dollars in three years.
According to the contract, the Islamic Emirate will own a 20 percent share in the oil fields, but that in time this percentage will increase to 75 percent.
Delawar also said that 3,000 jobs will be created for Afghans. However, if skilled labor is not available in Afghanistan, then China will be able to import workers, he added.
He also said that it was agreed that if the Chinese company does not fulfill all its requirements within a year, the contract will automatically be canceled.
Mullah Abdul Ghani Baradar Akhund also spoke at the event and said that in the past year, work has been done to promote development in the country.
“Recently, several projects were approved by the Economic Commission, and with their implementation, fundamental steps will be taken regarding the prosperity of the country and public welfare,” Baradar said.
He said the signing of Thursday’s contract was an important step towards the country obtaining self-sufficiency. He also called on the Chinese company to work in accordance with international standards and to provide local people with public benefits.
Baradar also told the ministry of mines to closely monitor developments at the oil field so as to ensure the Chinese company fulfills its obligations.
China’s Ambassador to Afghanistan Wang Yu meanwhile said: “This contract is important for the economic growth and self-sufficiency of Afghanistan and is a good example of cooperation and interaction between the two countries.”
Wang asked the contracting company to carefully perform the assigned tasks according to the provisions of the contract and also asked the ministry to provide the framework for the effective implementation of the contract and to work closely with the contracting company.
Business
‘Made in Afghanistan’ expo opens in Tashkent
The Afghanistan Chamber of Commerce and Investment has announced that a major exhibition of Afghan products titled “Made in Afghanistan” is opening today (Wednesday) in Uzbekistan’s capital Tashkent.
According to the chamber, the expo—supported financially by the United Nations Development Programme—will run until Friday and aims to showcase Afghanistan’s production and export potential.
More than 60 booths have been set up by Afghan traders, featuring a wide range of products including carpets, dried and fresh fruits, saffron, pine nuts, cotton, precious and semi-precious stones, as well as beverages.
Officials from the chamber expressed hope that the expo will help expand trade relations between Afghanistan and countries in the region, particularly Uzbekistan.
Business
Afghani strengthens nearly 10% against US dollar amid banking sector reforms
The bank said it has expanded oversight of financial institutions and private lenders, improving transparency and promoting more consistent standards across the sector.
Afghanistan’s central bank, Da Afghanistan Bank, says the national currency has appreciated by 9.93% against the US dollar during the year 1404, citing steady progress in the country’s financial and banking systems.
Officials attributed the gains to cautious monetary policies that have helped stabilise the Afghani against major global currencies while also boosting its value against the dollar.
The bank said it has expanded oversight of financial institutions and private lenders, improving transparency and promoting more consistent standards across the sector.
As part of efforts to better manage liquidity, authorities also collected and destroyed worn-out banknotes in circulation. At the same time, officials reported growth in electronic banking, with digital payment usage rising in recent months.
Central bank spokesperson Haseebullah Noori said initiatives are underway to broaden access to banking services nationwide, including the wider rollout of Islamic banking options.
Analysts welcomed the stabilisation efforts but stressed the need to address ongoing challenges facing domestic banks, including the impact of international financial sanctions on Afghanistan.
They added that expanding Islamic banking could help draw more savings into the formal financial system, noting that a significant share of personal wealth remains outside banks. Bringing those funds into the sector, they said, could inject billions of Afghanis into the economy and further support financial stability.
Business
Uzbekistan delivers over 290 tons of aid to Afghanistan
The assistance, provided ahead of Eid al-Fitr, is intended to support vulnerable communities while reinforcing ties between the neighboring countries.
Uzbekistan has delivered more than 290 tons of humanitarian aid to Afghanistan, according to the country’s Ministry of Foreign Affairs.
The assistance, provided ahead of Eid al-Fitr, is intended to support vulnerable communities while reinforcing ties between the neighboring countries.
The shipment includes essential food supplies such as flour, rice, wheat, vegetable oil, instant meals, pasta, and confectionery. An official handover ceremony was held in the border town of Hairatan.
Local officials, including Balkh province representatives and authorities from Hairatan, expressed appreciation for the continued support, acknowledging Uzbekistan’s efforts to assist the Afghan people.
Among those present at the ceremony were Uzbekistan’s Ambassador to Afghanistan, Oybek Usmanov, and Surkhandarya regional governor Ulugbek Kosimov.
The aid delivery underscores Uzbekistan’s ongoing humanitarian engagement and its broader efforts to promote regional cooperation and stability.
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