Financial Sector Development (WG1), 4th meeting

On Monday, February 1, 2021, the fourth meeting of the first working group (financial sector development) was held in Khyber Hall, Ministry of Finance, Pashtunistan Watt in the presence of Co-Chairs, permanent members and visiting members of the working group.

 

The meeting began with the presentation by the PriSEC Committee on the progress made in the development of the Service Unit Center plan to recover the bank’s lost loans. The discussions and decisions of the meeting about this plan are as follows:

 

– Around one and half years ago (July 2019) the plan of making a service unit center to recover the lost loans of banks was proposed by the Central Bank to the PriSEC committee. This plan is based on comparative studies, research, and the use of the imperative model.

 

– The mentioned plan has been shared and discussed with the relevant departments during several meetings. These departments include Supreme Court, Kabul Commercial Court, Da Afghanistan Bank, Ministry of Economy, Kabul Provincial Law Department, Ministry of Justice, Chambers, Banking Union of Afghanistan, and other departments.

 

– With the cessation of the activities of the PriSEC Committee in the first half of 2020 and due to the outbreak of the Corona virus, the progress of activities regarding the development of this project and the establishment of a technical committee was stopped.

 

– The meeting participant recommended that the first working group of PriSEC continue from where the activities for the development of this plan have been stopped; forming a technical committee.

 

– A technical committee has been formed with the membership of Supreme Court, Central Bank, Union of Banks, PriSEC Committee to work on the development of this plan and the following: term of reference, appointment of leadership and members, budget and other issues.

 

The participants of this meeting were including respected representatives from the Ministry of Finance, Da Afghanistan Bank, Afghanistan Women’s Chamber of Commerce and Industries, Supreme Court, Investment Facilitation Unit, Afghanistan Banks Union, Afghanistan International Chamber of Commerce, Afghanistan Chamber of Commerce and Investment, Afghanistan Small Loans Association, AIB Bank, Ghazanfar Bank, Mostofit Kabul, and Afghanistan Credit Fund.

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