Business
ADB Pledges Additional $ 77 Million to Afghanistan’s Agriculture Sector
The agreement signed between the finance minister and ADB officials on Wednesday.
Afghan finance minister says more than thousands acres of lands will be under irrigation after the completion of this project.
The aid is supposed to be used in the construction of a water channel in the AMO river for irrigation of agricultural lands used five Northern provinces.
In the meantime, ADB officials have also announced about the continuation of these aids and assistance to Afghanistan.
“We have assisted Afghanistan nearly 4.4 billion dollars to Afghanistan since 2002 and our supports will be continued,” said Thomas Nila, chairman of ADB.
ADB resumed operations in Afghanistan in May 2002 with the approval of an Initial Country Strategy and Program (ICSP) 2002-2004 that outlined a pipeline of loan and technical assistance grants.
The program was aimed to rehabilitate essential infrastructure, build capacity, and to establish policy and institutional frameworks to promote reconstruction and development.
In December that year, ADB approved the first loan by an international financial institution to Afghanistan in over 23 years.
The $150 million Post conflict Multi sector Program loan has supported policy reforms, public infrastructure investment, and capacity building to promote recovery and economic growth.
A second $150 million loan, the Emergency Infrastructure Rehabilitation and Reconstruction Project, is rebuilding important road and power infrastructure.
ADB also plans to remain active in supporting the development of Afghanistan’s financial sector through private sector investments.