Housed in the Bank for International Settlements, the new Afghan Fund will be managed by an international board of trustees.
The United States says it will transfer $3.5bn in Afghan central bank assets – part of the reserves seized after the Taliban took power in August last year – into a new Swiss-based trust fund.
The new Afghan Fund, managed by an international board of trustees and shielded from the Taliban, could pay for critical imports such as electricity, cover debt payments to international financial institutions and fund the printing of new currency.
“The Afghan Fund will protect, preserve and make targeted disbursements of that $3.5 billion to help provide greater stability to the Afghan economy”, the US Treasury said in a statement on Wednesday, according to the Reuters news agency....
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