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Finance Ministry signs $74m soft loan agreement with IDB

AT-KABUL: Eklil Hakimi, Minister of Finance, and Mr. Sayed Aqa, Vice president of Islamic Development Bank (IDB) signed a soft loan agreement in the presence of President Mohammad Ashraf Ghani, representatives of National Assembly, Cabinet Ministers and other members High Economic Council for construction of Kabul City Ring Road (KRR) and its other related infrastructures.

“The 95 km Kabul Ring Road is the important port of National road network directly joins the capital with important highways in the country. Within the construction of this road, it is expected that road network and road safety to be improved and traffic congestion to be reduced,” Finance Ministry said in a media statement.

Eklil Hakimi, Minister of Finance about the agreement said: “The total cost of this project is estimated 110 million USD, while Afghanistan will provide $ 34.28 million”.  Moreover, he thanked the contribution of IDB and presence of IDB’s vice president in Kabul and assured that all the financing will be spent through national budgets, with due regard to effectiveness, sufficiency and transparency, and its procurement process will be done through the National Procurement Office.

“Construction of Kabul Ring Road has economic value for both Afghanistan and the region,” Vice President of IDB said, adding “The Islamic Development Bank (IDB) will continue its support to Afghanistan”.

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