July 22, 2014

British PM announce £10m fund for Afghanistan mining program

By Ghanizada - Thu Mar 07, 11:09 am

David CameronBritish Prime Minister David Cameron has revealed to fund £10m to help exploit Afghanistan’s huge natural resources program, BBC reported.

According to reports around $1-3tn worth of gold, gems, iron ore, and oil and gas lies underground in Afghanistan.

While speaking during an event at Downing Stree British PM David Cameron announced that the fund will be granted to ministry of mines of Afghanistan in a three year program to support Afghan natural exploitation.

This comes as there have been growing concerns regarding corruption for awarding mining contracts in Afghanistan after the fall of the Taliban regime in 2001.

Particular criticisms were raised over the Afghan government after the exploitation project of Ainak Copper mine was awarded to a Chinese company which has a duration of 30-years.

Amid growing rumours of bribery and kick-backs, Britains new support is reportedly aimed at improving the process in a bid to bring better reulgation and more transparency for future Afghan mining concessions.

Prime Minister David Cameron said United Kingdom had already played “a huge and honourable role” in stabilising Afghanistan, but that the country needed “prosperity, growth, jobs, investment and wealth”.

The announcement by David Cameron was welcomed by mining companies in United Kingdom.

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