Business
ADB’s governors approve ADB’s financial statements
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.
Business
Ariana Afghan Airlines lowers cargo rates on Kabul–Delhi route to boost exports
Business
Afghanistan, Uzbekistan sign 13 trade MoUs worth over $100 million
Thirteen trade and investment memorandums of understanding (MoUs) worth more than $100 million were signed between private sector representatives of Afghanistan and Uzbekistan during a conference held in Kabul on Saturday.
The conference, which brought together business leaders and officials from both countries, focused on expanding bilateral economic cooperation, increasing trade volume, and identifying new investment opportunities.
Speaking at the event, Nooruddin Azizi, Minister of Industry and Commerce of Afghanistan, said economic relations between Afghanistan and Uzbekistan have gained notable momentum in recent months. He stressed that Afghanistan is actively working to strengthen regional trade ties and create a more favorable environment for investors.
Azizi added that Afghanistan offers significant investment potential, particularly due to its available workforce and emerging opportunities across multiple sectors, and is ready to welcome joint ventures with foreign partners.
Officials from the Ministry of Industry and Commerce of Afghanistan said the government has facilitated around $2 billion in investment across various sectors over the past year, reflecting growing investor interest in the country’s economy.
The Uzbek delegation also reiterated its commitment to expanding economic relations with Afghanistan, describing the agreements as an important step toward deeper regional cooperation.
Amanbay Orynbayev, head of Uzbekistan’s Karakalpakstan delegation, said his country places strong emphasis on long-term, transparent, and reliable economic partnerships. He encouraged Afghan traders to take advantage of joint investment opportunities to access new regional markets.
The Afghan private sector welcomed the agreements, expressing hope that increased trade engagement and business exchanges will further strengthen economic ties between the two neighboring countries.
Officials noted that the total value of agreements signed between Afghanistan and Uzbekistan has now exceeded $1.5 billion. If implemented effectively, these commitments are expected to contribute to increased trade flows and broader economic growth in Afghanistan.
Business
New Afghanistan-China transport corridor launched via Turkmenistan
A new multimodal freight corridor linking China and Afghanistan via Turkmenistan has been officially launched, aiming to improve the speed and efficiency of overland cargo transportation across Central Asia.
According to the Turkmenistan Embassy in London, the country has become part of a newly established route designed to accelerate freight deliveries between China and Afghanistan.
The corridor, developed with the involvement of Uzbekistan Railways’ subsidiary Uztemiryulcontainer, covers approximately 7,400 kilometers and is expected to reduce transit time to around 30 days, improving overall logistics efficiency.
Under the new route, containers are transported by rail from China through the Altynkol station in Kazakhstan, continuing via Uzbekistan to a logistics hub in Bukhara. From there, cargo is transferred to road transport and moved across Turkmenistan before reaching Herat in Afghanistan.
Officials say the new system integrates rail and road networks into a unified logistics chain, making transport more predictable and efficient.
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