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World Bank approves $1bn to fund urgent needs in Afghanistan

World Bank approves $1bn to fund urgent needs in Afghanistan

Following a vote by the World Bank’s executive board, the bank stated that more than $1 billion from a frozen Afghanistan trust fund would support desperately needed education, agricultural, health, and family initiatives in the country.

The plan, which will avoid sanctioned Taliban authorities by disbursing the money through United Nations agencies and international aid groups, will significantly boost efforts to alleviate the country’s worsening humanitarian and economic crises, the bank said on Tuesday. The plan will bypass sanctioned Taliban authorities by disbursing the money through United Nations agencies and international aid groups.

The strategy “seeks to support the delivery of critical basic services, protect vulnerable Afghans, assist in the preservation of human capital and important economic and social services, and limit the need for humanitarian assistance in the future,” according to a statement from the World Bank Group.

In August, when the Taliban overran Kabul, and the last United States-led foreign soldiers left the country after more than two decades of conflict, the Afghanistan Reconstruction Trust Fund (ARTF) was shut down.

Foreign nations stopped providing financial assistance, which accounted for more than 70% of government spending, while the United States spearheaded the freezing of around $9 billion in Afghan central bank reserves.

Afghanistan’s economic collapse has been hastened due to the financial cutbacks, which have worsened a cash constraint and exacerbated a humanitarian catastrophe that the United Nations estimates have pushed more than half of the country’s 39 million people to the brink of hunger.

Following this, ARTF donors will choose four projects totaling around $600 million, which will address “critical needs in the education, health, and agricultural sectors, as well as community livelihoods,” according to a World Bank statement.

In addition, there will be a “significant emphasis on ensuring that girls and women participate and benefit from the assistance,” according to the statement.

Female rights have been eroded by the Taliban during the previous two decades, with restrictions on their ability to work and travel without the company of close male relatives among the most recent examples.

Since the Taliban took over the country, most females have been denied the opportunity to continue their education beyond the seventh grade. According to the organization, all females will be permitted to return to their respective schools later this month.

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