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BMA offers loans to boost ailing industrial sector

BMA offers loans to boost ailing industrial sector

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Jul 12, 2015 - 17:19

KABULinfo-icon (Pajhwok): The Bank-i-Meli Afghanistaninfo-icon (BMA) on Sunday inked a Memorandum of Understanding (MoU) with Abdul Karim Arif, head of the industrialists association, for developing and promoting the industrial sector.

Ahmad Khisro Zia, chairman of the BMA, said without the development of the industrial sector Afghanistan could not be converted into an exporting country. He called the currently trade deficit huge as the country imported more goods than it exported.

According to Zia, BMA would buy machinery and other things used in the processing of raw materials for industries with loans provided under the Islamic banking system.

He said loans would be paid to industrialists on the basis of their financial status, adding industrialist would be able to find a competitive market for their goods under the scheme. The interest rate set for the services will range between 9.5 and 6.5 percent.

Abdul Sattar Murad, the minster of economy, hoped the provision of such services would help develop the industrial sector of the country.

nh/rm/mud

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