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ACCI seeks soft-term loans for traders

ACCI seeks soft-term loans for traders

Sep 18, 2013 - 17:35

KABULinfo-icon (PANinfo-icon): Having nearly $11 billion deposits, banks should extend soft loans to traders for the country’s economic development, the Afghanistaninfo-icon Chamber of Commerce and Industries said on Wednesday.

ACCI Executive Head Mohammad Qurban Haqjo said private banks had $5 billion deposits and the central bank $6.5 billion, but entrepreneurs had been given only 10 percent of the money in loans.

Businesspeople should be given more loans on soft terms, something that would significantly contribute to the country’s economic growth, he told a gathering in Kabul. “I want banks to simplify the lending procedure.”

Banks should win people’s trust to spur economic development, Deputy Governor of Da Afghanistan Bank Khan Afzal Hadawal agreed.

A Memorandum of Understanding (MoU) was signed between ACCI and six banks -- Bank-i-Mili Afghanistan, Afghanistan International Bank, Azizi Bank, Afghan United Bank, Bakhtar Bank and Ghazanfar Bank.

Under the MoU, the banks will provide loans at low-interest rates to members of ACCI. Haqjo said the people introduced by ACCI would have a 2-6 percent discount on interest rates.

“We have signed the MoU for encouraging international investment, creating close links between entrepreneurs and banks, removing hurdles to financial resources, facilitating small and medium investments, especially for businesswomen, and prevention of capital flight,” he concluded.






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