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On June 17, 2020, the Ghazanfar Group signed $ 60 million loan agreement with the International Financial Institution (IFC), a member of the World Bank Group.
The purpose of signing the agreement is to obtain $ 89 million investment in Mazar-e-Sharif gas electricity as an independent power producers (IPP). Ghazanfar Group will provide the remaining $ 29 million with its partners and will invest.
The project has been implemented through independent power producers (IPP), and the Ministry of Finance is playing a key role in ensuring of this project. The total capacity of the project is 59 MW, which will boost the country’s domestic electricity generation by up to 30 percent, allowing more people access to grid electricity while reducing reliance on imports as well as costly and polluting diesel-generated power and the energy produced will be distributed in Balkh, Kabul and Nangarhar provinces.
the ceremony was attended by Mr. Abdul Hadi Arghaniwal, Acting Minister of Finance, Ahmad Daud Noorzai, Chief Executive Officer of DABS, Mr. Henry G. Kerali, World Bank Country Director for Afghanistan and Mr. Mohammad Ismail Ghazanfar, Chairman & CEO of Ghanzafar Group.
“The private sector has played an important role in rebuilding, strengthening Afghanistans infrastructure and economic programs and strengthening this sector is one of the governments top priorities. He added: "I am pleased that today the private sector is investing in one of the most important energy projects in the country” said Mr. Arghaniwal.
“This project will not only allow more people in Afghanistan to have access to grid electricity, a successful IPP will motivate more private institutional investors to invest in Afghanistan,” said Daud Noorzai, Chief Executive Officer of Da Afghanistan Breshna Sherkat (DABS). “This first of its kind project maximizes the use of private and foreign investment to help put the country on a new energy path.”
Mr. Mohammad Ismail Ghazanfar, Chairman & CEO of Ghanzafar Group, said: "We do not consider this project as a commercial project, but we consider it an important step for the welfare of the Afghan people and the reconstruction of the country."
"We are pleased to lend to one of Afghanistans private sector to invest in this important project, he added we are hopeful that other private companies will be inspired by Ghazanfar Group and invest in this sector." Said Mr. Henry G. Kerali, World Bank Country Director for Afghanistan.
It is noteworthy that according to the technical agreement, the electricity generated will be sold to the DABS and the company will distribute it to the people. The project is scheduled to be completed in mid-2022 and put into operation. |
