Bank-i-Milli Afghan allocates loans for Afghan industrialists
Bank-i-Milli Afghan has agreed to grant USD 100mn in Islamic loans and USD 100mn in ordinary loans to Afghan industrialists.
An agreement to that effect was signed between the Bank’s Chairman, Ahmad Khushraw Zia, and Afghan Association of Industries in Kabul.
As per the agreement, the industrialists will not receive any cash. Instead, they will propose to buy raw materials from a company, and the bank will buy the materials from the company and sent them to industrialists with some profits.
Chairman Zia said the loan receiver would have to pay for the material and its interest after three months.
The ordinary loans would be subject to 6.5% to 9.5% interest rate, he added.
The industrialists have welcomed the initiative and are hopeful the availability of financial means through this initiative would help them thrive in business.
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