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NUG Fails to Properly Collect Old Kabul Bank’s Debts: IWA

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(Last Updated On: October 24, 2022)

National Unity Government (NUG) has failed to properly collect the debts of old Kabul Bank, a watchdog said Sunday.

It has been eight years since the Afghan government begun collecting the debate of the old Kabul Bank which was collapsed in 2010.

During the former President Hamid Karzai’s tenure, $370 million debts of the bank were collected by the government from the overall debts of $987 million. However, since the opening of the Kabul Bank’s case, the National Unity Government has only managed to collect $78 million in debts.

The Integrity Watch Afghanistan says NUG was being expected to collect the debts – from the movable and immovable properties of the debtors, but due to political deals and the weakness of the judiciary institutions in the case – it has failed to collect the money.

 “The government has politically dealt with the case and the government institutions do not have the capacity to collect the money back,” said Naser Temori, a researcher at the IWA. 

The head of old Kabul Bank Sher Khan Farnood who has reportedly died of heart disease recently in Bagram prison had been sentenced to 10 years in prison. He had paid $334 million before his imprisonment and Chief Executive of the bank Khalilullah Ferozi has paid $137 million before being jailed to 10 years.

Farnood and Ferozi have been among the debtors of the bank. Apart from them, 12 other individuals involved in the case are also currently serving prison sentences and 16 more are under investigation of the judiciary institutions.

Rejecting the issue of being involved in political deals on the old Kabul Bank’s case, Spokesman of the Attorney General’s Office, Jamshid Rasoosi said: “We are an independent institution and we are doing our tasks based on the law. Our performances have been in line with the law and its provisions.”  

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Acting commerce minister heads to Russia to attend Kazan Forum

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(Last Updated On: May 14, 2024)

Nooruddin Azizi, Acting Minister of Industry and Commerce, headed to Russia to participate in an international economic meeting in Kazan, Tatarstan.

The aim of the Russia-Islamic World: KazanForum 2024, the 15th edition of the forum, is to offer a platform for leading international economic and financial specialists from the Islamic world to strengthen ties between the countries of the Organization of Islamic Cooperation (OIC) and the regions of the Russian Federation in the economic, educational, social and cultural spheres, Anadolu Agency reported.

The Ministry of Industry and Commerce said that Azizi, leading a high-level delegation of the Islamic Emriate, traveled to Tatarstan at the invitation of Tatarstan President Rustam Minnikhanov.

The forum is held between May 14 and 19.

The forum also aims to promote the development of Islamic financial institutions in Russia and worldwide, with a focus on joint international projects and programs, according to Anadolu Agency.

More than 80 nations are expected to participate in the event, including representatives of the United Arab Emirates, Bahrain, Malaysia, Türkiye, Iran, Libya, and other OIC member states.

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Afghanistan can become important industrial center in region: Hanafi

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(Last Updated On: May 13, 2024)

Deputy Prime Minister for Administrative Affairs Abdul Salam Hanafi says Afghanistan has the potential to become one of the most important industrial centers in the region.

Speaking at the opening ceremony of the national and international expo on the occasion of Industry Week, Hanafi said that the growth of industry lays the foundation for the growth of other economic sectors and that the Islamic Emirate fully supports domestic production in the country.

“Afghanistan has important and rich factors for industrial production, which can become one of the important industrial centers in the region. The growth of industry will be the basis for the growth of other economic sectors, especially agriculture,” said Hanafi.

Acting Minister of Industry and Commerce, Nooruddin Azizi, added that the IEA has programs in the fields of industry development and support for the private sector that will make Afghanistan self-sufficient.

Azizi stated that Afghanistan’s industrial sector is currently progressing and the quality of export goods has also improved.

Some investors said at the ceremony that after the return of the IEA, the country’s exports have increased and the number of manufacturing companies has also increased.

This expo is open to visitors for seven days, and industrial products are showcased in 450 booths.
Women in business also attended the meeting.

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Afghanistan, Pakistan agree on new travel mechanism for truckers

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(Last Updated On: May 12, 2024)

Afghanistan and Pakistan have agreed on the issuance of a temporary admission document for transporters of commercial goods, Afghanistan’s Ministry of Transport and Aviation announced on Sunday.

The ministry said in an announcement that truck drivers and their assistants carrying commercial goods from Afghanistan and Pakistan must have this document with them at the crossings.

Based on the announcement, the document will be issued to Afghans at the Pakistani embassy in Kabul and its consulate in Kandahar.

For Pakistanis, the document is distributed at the office of the Afghanistan transport attaché in Peshawar and Quetta.

The Ministry of Transportation and Aviation asked owners and drivers of trucks to submit the required documents to their respective transportation companies by June 1.

The ministry warned that after June 1, trucks cannot travel between the two countries without having the temporary admission document.

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