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Mining Profits Should be Invested in Development: IWA

in Afghan Business

Mining Profits Should be Invested in Development: IWA

Afghanistan’s extractive industries watchdog Integrity Watch Afghanistan (IWA) on Monday recommended the government form a trust fund from the profits made in mining to invest in other development services in the country.

In an exclusive interview with TOLOnews, IWA head Yama Torabi said the government should use the mining profits to fund other sectors in the country – a model used in other countries with lucrative extractive industries.

Torabi also said he is concerned about problems found in mines projects’ contracts which are not always meeting international standards.

“When I say there are concerns, it is clear that not all projects are [written] in the best manner, which means according to international criteria,” he said.

Afghan Ministry of Mines spokesman Jawad Omar said the government was aware of using some part of the mining incomes to pay for development projects and dismissed concerns that mining contracts were not meeting global standards.

“In the assessment committee of mining contracts, we have international observers and Council of Ministers delegates present. Internal and external experts have a presence as well, so there is no reason to be concerned,” he said.

IWA said most countries spend much of their extractive resources incomes in the sectors of development services, such as education and health.

Source: tolonews.tv

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