Business

ADB’s governors approve ADB’s financial statements

Published

3 years ago

May 22, 2020

(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.

Business

Medical supply factory worth $25 million inaugurated in Kabul

Published

1 day ago

October 2, 2023

Ariana News

(Last Updated On: October 2, 2023)

A plasma volume expander producing factory with an investment of $25 million has been inaugurated in Afghan capital Kabul, the Ministry of Industry and Commerce said on Monday.

TJL Pharmaceutical factory, which was built in Pul-i-Charkhi Industrial Park, has the capacity to produce 110,000 bags of different types of plasma volume expander every 24 hours. This factory has provided employment for more than 1,000 people.

Speaking at the inauguration ceremony, Deputy Minister of Industry and Commerce Qudratullah Jamal said: “The private sector has played a very important role in the prosperity of the country and it creates job opportunities for our youths.”

He also asked the people to use domestic products for the development of the country’s industry.

Meanwhile, the industrialists also asked the commerce ministry to pay attention to the distribution of land to the industrialists, the elimination of power outages in industrial parks, and the increase of import tariffs on materials in which Afghanistan is self-sufficient or is becoming self-sufficient.

Plasma volume expanders (PVEs) are fluids given intravenously to increase or retain the volume of fluid in the circulatory system.

Business

Afghanistan exports 150 tons of dried tomatoes to Europe

Published

2 days ago

October 1, 2023

Ariana News

(Last Updated On: October 1, 2023)

State-owned corporation Spinzar has dispatched 150 tons of dried tomatoes in the first such consignment to Europe, officials announced Sunday.

“This is a great achievement of the Islamic Emirate which exports vegetables from Afghanistan to European countries,” Abdul Hamid Akhundzada, head of the company said as quoted in a statement issued by the Ministry of Finance.

Spinzar company resumed operations around a year ago after decades of closure.

It also produces and processes cotton, cottonseed oil, sesame and tissue paper.

Business

Members of private security meet with Kazakhstan counterparts

Published

6 days ago

September 27, 2023

Ariana News

(Last Updated On: September 27, 2023)

A bilateral meeting between members of the private sectors of Afghanistan and Kazakhstan was held in cooperation with the Ministry of Industry and Trade on Tuesday with the aim of attracting more investment in the country.

At the meeting, representatives of the private sector of the two countries discussed investments in various sectors including the non-alcoholic beverages sector, gemstones stones and minerals, chemical fertilizers, car batteries, clothing and textiles, petroleum products, flour and wheat, the ministry said.

They also discussed tourism, investment in restaurant businesses and food, the ministry added.

Furthermore, the businessmen and investors of Kazakhstan thanked the Afghans for their hospitality and described Afghanistan as a safe place and a suitable environment for business and investment.

Representatives of the private sector of Kazakhstan spoke about holding exhibitions in Kabul, Balkh and Kandahar provinces, adding that in the near future they plan to hold exhibitions of Afghan manufacturing industries in Kazakhstan and an exhibition of Kazakh products in Afghanistan.