World Bank provides 50 mln USD to enhance Afghan development

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The World Bank on Wednesday provided a grant of 50 million U.S. dollars to the Afghan government to help promote economic growth and fiscal sustainability.

"A 50 million U.S. dollar grant, to finance to the Government of Afghanistan's efforts for promoting economic growth and fiscal sustainability, was signed today between the Ministry of Finance and the World Bank. The Grant is being provided by the International Development Association (IDA) - the World Bank's concessional lending arm," said a statement issued by the Afghan Finance Ministry here.

"Development policy grants assist the government in furthering reforms in key institutions and processes for enhanced service delivery and increased reliance on its own resources while providing discretionary funds to finance government's development agenda," said Afghan Finance Minister Omar Zakhilwal in the statement. "We thank the World Bank for its continued partnership in our development efforts,"

"Developing and implementing policy reforms are essential for attracting investments in all sectors, particularly those with high growth potential," Bob Saum, World Bank Country Director for Afghanistan was quoting as saying.

"Despite challenges and endemic security implications, Afghanistan's development track record over the past decade is commendable. Of note, these achievements include rapid economic growth and significant improvements in public financial management, " he noted.

"The Development Policy Programmatic Series: 'Promoting Economic Growth and Fiscal Sustainability', which is a series of two programmatic grants, aims at supporting policy reforms in selected areas critical to strengthening revenue mobilization and improving the enabling environment for investment in sectors with a high growth potential. To this end the operation supports legal, regulatory and institutional reforms in customs, land administration and management, mining, and information and communication technologies (ICT)," the statement added.

The World Bank has also offered 50 million U.S. dollars on Aug. 7 this year to the war-hit country.

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