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Accord signed to offer loans to the industrialists

‘Ending imports with support of domestic product’

By Farhad Naibkhel-KABUL: The Afghanistan Industrial Association (AIA) on Wednesday has signed an agreement with Afghanistan International Bank (AIB) to offer loans to the industrialists aimed at upgrading industrial factories across the country.

“This is the first agreement signed with AIB for a purpose of financially supporting industrial sectors,” said Head of AIA, Sayed Ahmad Paiman.

“To improve industrial sectors without financial resources is impossible. We had raised our voice at governmental level, but still the problem of meager resources remained unchanged,” he added.

“In initial stage, the AIB would allocate $25 million for purchasing machineries and raw materials,” he said, adding that AIB would further simplify loan facilities to the industrialists with 6-10 percent interest.

“Islamic banking system would be completely considered during loan process,” he claimed.

While urging other private banks to support industrial sectors, he said, “Afghanistan would remain as a consumer country, until industrial products is not expanded.” According to him, currently the industrial sectors have the capacity of $300-400 million investments.

The Afghanistan Chamber of Commerce and Industries (ACCI), Deputy Baz Mohammad Afsarzai termed lack of lands as a main challenge ahead of industrial sectors. “Government has to provide land to the industrial factories in capital and in the provinces.”

Moreover, spokesman for Ministry of Commerce and Industries (MoCI), Musafer Quqandi, said that the ministry has adopted different policies in order to help industrial sectors. Furthermore, he assured of more work on a strategy to make bigger domestic exports.

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