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Viewing cable 03KABUL1565, COMMERCIAL BANKING SECTOR UPDATE - JUNE 2003

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Reference ID Created Released Classification Origin
03KABUL1565 2003-06-06 02:53 2011-08-24 01:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Kabul
This record is a partial extract of the original cable. The full text of the original cable is not available.
UNCLAS KABUL 001565 
 
SIPDIS 
 
SENSITIVE 
 
NSC FOR ZKHALILZAD, JDWORKEN, HMANN, RHANSON, DSEDNEY 
DEPT FOR SA/PAB, SA/AR, EB/FO 
MANILA PLEASE PASS AMB PSPELTZ 
USDOC FOR DAS/TD MURPHY AND AFGHAN RECON TASK FORCE 
USDOC FOR ITA/MAC/OSAO/ADLER 
STATE PASS USAID FOR JPRYOR 
STATE PASS TDA FOR DSTEIN AND JSUSSMAN 
STATE PASS TREASURY FOR U/S TAYLOR, LMCDONALD 
STATE PASS OPIC FOR RCONNELLY AND DZAHNHEISER 
 
E.O. 12958: N/A 
TAGS: ECON EFIN AFIN AF
SUBJECT: COMMERCIAL BANKING SECTOR UPDATE - JUNE 2003 
 
1. (SBU) In previous reporting, post has identified the lack 
of commercial banking facilities in Afghanistan as a major 
obstacle to attracting increased investment.  Further, the 
lack of reliable banking institutions, and the resulting 
prevalence of NGOs and businesses having to keep large 
amounts of cash on hand has also increased crime rates. 
While the principal impediment to attracting foreign 
commercial banks ) the passage of the commercial banking law 
and the central banking law ) are still unresolved, some 
positive developments are expected soon. 
 
2. (SBU) The Ministry of Finance has been trying ) without 
success - for at least the past eight months to attract two 
foreign banks.  The Ministry of Commerce secured a visit from 
officials of Britain,s Standard Chartered during a visit to 
London in the spring of 2003.  Standard Chartered is now 
reported to open its first branch in Afghanistan in August 
2003.  Most recently, in late May 2003, the Central Bank has 
invited eight Pakistani banks to operate throughout 
Afghanistan. 
 
3. (SBU) During the past week, U.S. entrepreneur Jack Heidary 
visited Kabul to discuss opening a $25-$50m OPIC-financed 
commercial bank.  Heidary met with Afghan government 
officials including Minister of Finance Ghani, Minister of 
Commerce Kazimi, Central Bank Governor Ahady, and Embassy and 
U.S. military representatives to assess the viability of a 
commercial bank.  Heidary,s due diligence visit will inform 
a report to OPIC officials regarding the mix of services, 
locations and clientele for this project.  Among the services 
contemplated are US Dollar and Afghan afghani direct deposit 
accounts for the Afghan civil service, NGO, and international 
military and diplomatic community officials.  Heidary 
suggested bank branches may be based in Kabul and other major 
cities at first, and also explored the possibility of 
providing ATM services. 
HANSON