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ADB Approves $ 878 Million for Development Projects of Afghanistan

By Khaama Press - Tue May 03 2016, 1:15 pm

IMAG1162The Asian Development Bank (ADB) committed an exceptional grant allocation of $858 million for project financing and $20 million for disaster reduction activities in Afghanistan for the period of 2017 to 2020.

The Ministry of Finance (MoF) said the grant allocation for the four-year period was discussed at the third and concluding meeting of the 11th replenishment of the Asian Development Fund (ADF), the ADB grant window, on 1 May 2016.

“H.E. Eklil Hakimi the Minister of Finance of Islamic Republic of Afghanistan participated in the 49 Asian Development Bank annual meeting in Germany on 2nd May 2016. In the side line of the ADB meeting, he discussed the implementation and funding of Afghanistan’s development projects with ADB officials,” according to a statement by MoF.

While thanking the ADF donors and ADB management in his address, H.E. Eklil Hakimi the Minister said, “This grant to Afghanistan will enable us to implement key large infrastructure projects in energy, transport, and water infrastructure sector and bring us closer to our aspiration of becoming a self-reliant country”.

ADB Country Director for Afghanistan, Thomas Panella stated, “All in all, the ADF contributions remain strong and ADB should be able to retain its commitment to Afghanistan as its lead infrastructure development partner”.

Eklil Hakimi the Minister of Finance and the ADB Vice-President, Wencai Zhang co-chaired a meeting in the side event, MoF said, adding that they discussed the key Brussels Conference on Afghanistan, Development projects, Afghanistan’s priorities, ANDS and ADB role in Afghanistan’s progress and prosperity.

ADB’s Annual Meeting, running from 2-5 May, will draw over 3,000 finance and development ministers, central bank governors, and other government officials, business leaders, investors, journalists, and representatives from civil society. The theme is “Cooperating for Sustainability” and the focus will be on closer Asian and European linkages to support sustainable development.

Minister Hakimi is leading a high-level delegation from Afghanistan at the 49th Annual Meeting of the ADB Board of Governors in Frankfurt, Germany.

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