Donors agree to transfer $280 million to support nutrition and health in Afghanistan
December 11, 2021, 5:05 am

Donors agree to transfer $280 million to support nutrition and health in Afghanistan

Afghani boys/Pixabay

The Arab News reported according to Reuters, the World Bank said as it seeks to help Afghanistan that is facing famine and economic freefall, donors agreed on Friday to transfer $280 million from a frozen, trust fund to the World Food Program (WFP) and UNICEF to support nutrition and health in Afghanistan.

The World Bank-administered Afghan Reconstruction Trust Fund will this year give $180 million to WFP to scale up food security and nutrition operations and $100 million to UNICEF to provide essential health services, the bank said in a statement.

According to the report, the money would aim to support food security and health programs in Afghanistan as it sinks into a severe economic and humanitarian crisis that accelerated in August when the Taliban overran the country as the Western-backed government collapsed and the last US troops withdrew.

Afghanistan-Children/Pixabay

The United States and other donors cut off financial aid on which Afghanistan became dependent during 20 years of war and more than $9 billion of the country’s hard currency assets were frozen.

The United Nations is warning that nearly 23 million people – about 55 percent of the population – are facing extreme levels of hunger, with nearly 9 million at risk of famine as winter takes hold in the impoverished, landlocked country.

Using reconstruction trust fund money and channeling it through the WFP and UNICEF, both part of the UN family, appears to be a way to get funding into the country for basic needs in a manner that does not necessarily implicate US sanctions against the Taliban.

“This decision is the first step to repurpose funds in the ARTF portfolio to provide humanitarian assistance to the people of Afghanistan at this critical time,” the bank said, saying the agencies had presence on the ground to deliver services directly to Afghans in line “with their own policies and procedures.”

It added: “These ARTF funds will enable UNICEF to provide 12.5 million people with basic and essential health services and vaccinate 1 million people, while WFP will be able to provide 2.7 million people with food assistance and nearly 840,000 mothers and children with nutrition assistance."

Earlier on Friday, Reuters reported exclusively that the donors were expected to approve the $280 million transfer. On Dec. 1, Reuters reported that the World Bank board had backed transferring the ARTF funds to the two agencies.

In its statement, the bank said it would “continue to work with ARTF donors to unlock additional ARTF funds to support the Afghan people.”

Afghanistan-Merchants/Pixabay

Laurel Miller, a former acting US special representative for Afghanistan and Pakistan, criticized the decision to tap the ARTF for strictly humanitarian aid, saying money should come from other sources and the $1.5 billion fund should be used for a major initiative to halt the collapse of state institutions whose workers have not been paid for months.

“We’re talking about a collapse of public services that serve the Afghan people,” said Miller, who oversees the Asia program of the International Crisis Group, a think tank. “That’s not about helping the Taliban. That’s about helping Afghans who need a functioning state. They need more than food aid.”

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.