UK foreign office pledges to release Afghanistan cash after aid chief pleas
January 28, 2022, 5:12 pm

Afghanistan

The Arab News reported, the UK’s Foreign and Commonwealth Office has pledged to release nearly £100m ($133m) in emergency funds to Afghanistan following impassioned pleas from two former aid chiefs, who warned that a million children could die from acute malnutrition.

Last August, the British government promised to double its aid spent in Afghanistan, but so far only £145 million out of £286 million has been disbursed, leaving roughly half the money unspent, just months before the end of the financial year in April. On Thursday Sir Mark Lowcock, a former UN under-secretary-general for humanitarian affairs, urged London to release the rest of the money.

He told Sky News: “It’s not at all appropriate to enforce a sort of collective punishment on the total population of the country because you don’t like the regime that those people haven’t chosen. Where is the rest of that money, what are they waiting for?”

Baroness Valerie Amos, also a former UN under-secretary-general for humanitarian affairs, also warned: “There will be 3 million children under 5 who will face acute malnutrition by March. Of those, a million children will die.”

Following those urgent pleas, the Foreign Office pledged to released £97m of emergency aid to Afghanistan for winter, which the department said would provide more than 2.7 million people with food, health services, and water.

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Foreign Secretary Liz Truss said: “The UK continues to provide vital humanitarian assistance in Afghanistan. We have doubled UK aid this year to save lives, protect women and girls and support stability in the region.

“The funds announced today will mean essential food, shelter and health supplies will reach those who are most in need.”

Billions of dollars of Afghan money is currently frozen in assets by foreign governments as the US and its allies grapple with how they should deal with the Taliban regime.

Lowcock said Afghanistan’s own cash could be used to pay teachers and health workers directly. The UN is seeking $5.9 billion to help solve the humanitarian crisis.

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Lowcock said: “This is a significant requirement but the good news is quite a lot of it could be funded from Afghanistan’s own resources."

He added that while people “are right to be concerned” by the Taliban, the price is being paid by innocent children and women.

Reports have emerged that impoverished and desperate Afghans have resorted to selling their own organs, or in some cases their children, in order to feed themselves and their families.

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Amos said: “We have to find a way of restoring the economy in Afghanistan without getting money into the hands of the Taliban, and we have plenty of experience of doing this.”

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.