Eric Ellis

City Life: Kabul

Banking Afghan-style

issue 15 December 2007

In Kabul

Perhaps the best way to view Corporate Afghanistan — there’s a term you don’t often hear — is to regard it as a never-ending spigot draining sovereign wealth funds into the world’s biggest tax haven. That’s the good part. The bad bit is that you might get killed enjoying it. The West tips about $5 billion of aid a year into Kabul — while Roshan, the Aga Khan-owned mobile phone operator, collects more revenue than the Afghan taxman. Very fast money is being made here, particularly by those working for multilateral agencies or a myriad of NGOs. They’re the ones who pay $10,000-a-month rents for half-built houses in Kabul’s (relatively) upmarket Wazir Akbar Khan district, once home to Osama and friends. With their jaded worldliness and guerrilla-chic outfits, they count their cash with consciences salved that they are also making the world a safer place — and don’t mind telling you so over the splendid Friday brunch at Kabul’s five-star Serena Hotel, also newly built by the Aga Khan, Afghanistan’s biggest private foreign investor.

Foreigners’ cash tends to be deposited at Standard Chartered Bank, with its ATM machine excitingly located along a street sometimes known as Sniper Alley.

Comments

Join the debate for just $5 for 3 months

Be part of the conversation with other Spectator readers by getting your first three months for $5.

Already a subscriber? Log in