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Afghan Businessmen Raise $20 Million for Rebuilding Afghanistan
The Embassy of Afghanistan

10/03/2005

Washington, D.C. - Members of the Afghan Business Council-Dubai, Afghan-American Chamber of Commerce, and Afghanistan International Chamber of Commerce met on September 26, 2005 in Dubai to invest personally in the economic future of Afghanistan. The participants endorsed investment in the economic opportunities of Afghanistan by creating a company which will issue stock for the price of $500,000 per share. The “founding members” adopted the name, Afghan Investment Company (AIC), to be registered in Afghanistan. With enormous enthusiasm, an initial equity capital of $20 million was raised to bring large scale investment into Afghanistan.

The founding members have elected prominent international businessmen Nassrullah Rahmat as Chairman, Farid Maqsudi and Sherkhan Farnood as Vice Chairmen, and Mahmood Karzai as the Spokesman of AIC for the first year of operation. Chairman Rahmat said, “We just decided that certain things needed to happen were not happening and that we needed to do them quickly.” “We appreciate the work of the donor nations, NGOs and the government, but it is difficult for them to move fast and Afghanistan does not have time to spare,” he added.

The establishment of the Afghan Investment Company has already attracted over 80 Afghan businessmen investing a minimum of $500,000 each for economic development in Afghanistan. Spokesman Karzai stated: “We have just started. Our goal is a $100 million fund. That’s already a lot of private money for Afghanistan.” He added, “If one begins to consider the leveraging effect of that money with banks and international financial institutions, the final investment could be well over $500 million dollars.”

The Afghan Investment Company’s first decision is to stimulate investment of over $100 million in two related areas: coal mining and cement. It will build the first modern and high-capacity cement plant in Afghanistan. The coal would fuel the cement plant. Currently almost all cement and coal are imported as Afghanistan is in the midst of a construction boom.

Contact:
M. Ashraf Haidari
(202) 483-6410, (Ex-811)
Haidari@embassyofafghanistan.org

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