English | دری

Russia to turn debts payable by Afghanistan into non-refundable aid

in Afghan Business

Russia to turn debts payable by Afghanistan into non-refundable aid

The Russian government has agreed to turn a long-standing debt owed by Afghanistan into an non-refundable aid.

The announcement was made by Afghan Finance Minister Eklil Hakimi on Thursday following the conclusion of the 3rd joint session between Kabul and Moscow which focused on economic cooperation between the two nations.

Minister Hakimi also welcomed Russia’s commitment to strengthening bilateral economic and social ties.

At the session, the two parties conferred on resuming activities by Russian companies in various sectors in Afghanistan, mainly the housing industry.

According to Afghan Ministry of Finance officials, Afghanistan owes USD 2.5bn in loans from foreign countries and financial firms during the past 14 years.

The loans were taken from Iran, the Czech Republic, the World Bank,  the Asian Development Bank and the Russian Federation and are not due in 40 years.

Head of the treasury department Mohammad Aqa Kohistani said Afghanistan obtained USD 970mn in loans from the Russian Federation.

He added that negotiations were underway with the Russian government and other loan providers to forgive the loans.

The loans were needed to complete some of the infrastructure projects in the country.



Related Articles

American lawmaker unhappy about Afghan-China oil deal

An American Congressman, Dana Rohrabacher, expressed his concern about the Afghan-China deal of the Amu River oil basin made with

Council of Ministers to soon approve Afghanistan’s mining laws draft

The Council of Ministers gives preliminary approval to the delayed mining laws of Afghanistan. According to the presidential palace press

How a General helped increase value of Afghani currency against US dollar

Sarai Shahzada, Afghanistan’s largest money exchange market in capital Kabul, witnessed a drastic decline in US dollar value against the

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.