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Russia pledges major investment in housing construction sector of Afghanistan

KABUL, Sept 05 (DNA): Russia has pledged to expand Moscow’s economic projects in Afghanistan by investing in housing construction sector in the country.The commitment was made during a meeting between Russia’s deputy minister for energy Yury Sentyurin and Afghanistan’s minister of urban development affairs Syed Sadat Sadat Mansoor Naderi.Sentyurin further added that Russia will invest in housing construction projects in Afghanistan by exporting latest Russian technologies and facilities to build affordable houses in Afghanistan.

This comes as a Memorandum of Understanding was concluded recently between the Afghan housing construction sector and Russian Industry to form a construction company.

The Ministry of Urban Development Affairs (MUDA) said the construction company will start operations under the name of Cardinal and will be based on 51 and 49 percent share.

Equipment worth $25 million will be imported in the housing construction sector of Afghanistan once the agreement has been finalized and signed.

According to MuDA the investment and import of equipment will enable the Cardinal Company to build up to 1,000 apartments annually.

A delegation of the Afghan officials led by urban development minister Syed Sadat Mansoor Naderi will is expecting to visit Russia to review the technologies and equipment besides signing the agreement between the two nations. DNA

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