KABUL - The Bank-i-Meli Afghanistan (BMA)  on Sunday inked a Memorandum of Understanding (MoU) with Abdul Karim Arif, head of the industrialists, aimed at developing and promotion of industrial sector of the country.

Ahmad Khisrow Zia, chairman of the BMA, said without the development of industrial sector Afghanistan could not be converted into an exporting country.

He said currently the trade deficit was huge and the country imported more goods as compared to its exports.

According to Khisrow, BMA would buy machinery and other material used in the processing of raw materials for industries on bases of loan provided under the Islamic Banking system.

He said loan would be paid to industrialists on the bases of their financial status, adding that industrialist would be able to find a competitive market for the selling of their goods under the scheme.

He said the interest rate set for the services was maximum 9.5 and 6.5.

Abdul Sattar Murad, minster of the economy, said the provision of such services help develop the industrial sector of the country. (Pajhwok)