Ghazanfar Group to Invest 89 Million USD on Mazar-e-Sharif Gas Power Project

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Thu, Jun 18 2020 12:28 PM
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Ghazanfar Group, and International Financial Cooperation (IFC), a member of the World Bank Group signed a 60 million loan agreement on June 17, 2020.  The aim of this agreement is to obtain 89 million USD for theMazar-e-sharif gas power as an Independent Power Project (IPP); Ghazanfar Group and its partner will invest the remaining 29 million USD.

The project will be implemented through Public and Private Partnership (PPP) and the Ministry of Finance warranties the project. Total capacity of the project is 50 MW, thiswill increase the electricity production in the country by 30%; the energy produced will be distributed in Balkh, Kabul and Nangarhar.

The event was attended by H.E. Abdul HadiArghandiwal, Acting Minister of Finance;Henry Kerali, World Bank Country Director for Afghanistan; and Mohammad EsmailGhazanfar, chairman and CEO of Ghazanfar Group.

“Private sector plays a key role in rebuilding and strengthening Afghanistan’s infrastructure and economy; supporting this sector is one of the government’s top priorities,” said H.E.Arghandiwal, Acting Minister of Finance. “I am glad that today the private sector invests on one of the most important projects in the country,” he added.

Mohammad EsmailGhazanfar, Ghazanfar Group CEO indicated that we don’t consider this project as commercial, but an important step towardpeople’s welfare, and reconstruction of the country.

“It is our pleasure to lend to Afghanistan’s private sector to invest on important projects like this,” said Mr. Henry Kerali, the World Bank Country Director for Afghanistan. “We hope other private companies get inspired by Ghazanfar Group and invest in this sector as well,” he added.

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It is worth mentioning that, in accordance with the technical contract, the generated energy will be sold to the Da Afghanistan BreshnaSherkat, and then DABS will distribute it.The project is scheduled to be completed in mid-2022 and assume operation soon after.

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