Pajhwok Afghan News - Two private companies have agreed to launch three big projects, including a hydropower plant, construction of cold storages and establishment of a cement factory in the country.

The pact was signed by a Russian company IFPEEC, a local company in the name of Ittefaq Group and the Afghanistan International Chamber of Commerce (AICC) here on Monday.

Speaking on the occasion, director of the Russian company said that 100 and 500 KW electricity would be produced with the help of turbines and coal generators respectively.

He said the three parties agreed to establish a cement factory with the production capacity of 1,000 metric tons per day. He said the proposed cold storages would have the capacity of storing 18,000 tons of food items.

Asked about the amount to be spent on the three projects, he said presently they did not estimate the money required for the projects. He said sites for three projects were yet to be selected.

He said both the Russian and Afghan company would contribute 50 per cent amount each for the projects, work on which would be launched in the next three months.

Addressing the ceremony, Mohsin Amiri, director of the Ittefaq Group, said investment would be made in the power sector in the first phase. Mohammad Tahir Hamadi, official of the AICC, said the Ministry of Water and Energy had assured of its cooperation.

Director of the AICC Hamidullah Farooqi, who was also present during the ceremony, said the agreement would prove beneficial both for Russia and Afghanistan. He hoped completion of the hydropower project would solve problems of people up to some extent.

He described establishment of the cement factory as beneficial for the country, which is in the rebuilding process and annually required 700,000 tons of cement, presently being imported from abroad.

It merits a mention here that this is the first major private investment in power sector in the last four years.

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