Business Journal

At Sandbox Holding, we are proud of Shabana Basij-Rasikh. She is one of Afghanistan’s most inspiring education leaders and advocates for girls’ rights. She has shown that with courage, determination, and vision, it is possible to change lives and create opportunities, even in the most difficult conditions.

Shabana Basij-Rasikh was born and raised in Afghanistan during a time when girls were not allowed to go to school. As a young girl, she secretly attended classes, hiding her books under her clothes to avoid being discovered. Despite the risks, she believed strongly in the power of education. Later, she had the opportunity to study abroad in the United States, where she attended Middlebury College. There, she gained knowledge, confidence, and a global perspective. But her goal was always clear to return and serve Afghan girls who, like her, dreamed of education.

After returning, Shabana co-founded the School of Leadership, Afghanistan (SOLA), the first and only all-girls boarding school for Afghan students. Through SOLA, she created a safe and empowering environment where girls could study, grow, and become future leaders of Afghanistan. When the situation in Afghanistan changed in 2021, Shabana made the difficult decision to move the school to Rwanda to protect her students and continue their education. This showed her deep commitment to her mission and her students’ future.

Beyond education, Shabana Basij-Rasikh has become a global voice for Afghan girls. She speaks on international platforms and reminds the world that education is a basic right for everyone. What makes Shabana special is not only her leadership but also her bravery and dedication to helping others. She continues to inspire thousands of young girls to believe in themselves and never give up on their dreams.

The story of Shabana Basij-Rasikh teaches us an important lesson: Education is not just about learning in a classroom. It is about courage, hope, and the power to change lives and build a better future for all.

At Sandbox Holding, we are proud of Ehsan Bayat. He is one of Afghanistan’s most inspiring business leaders and helpers. He has shown that with courage, hard work, and new ideas, it is possible to change whole industries and help many people, even in hard times.

Ehsan Bayat was born in Kabul in 1963. He left Afghanistan when he was young because of war and studied in other countries. In the United States, he learned engineering and gained experience in business and technology. This prepared him to return to Afghanistan and help his country.

After the fall of the Taliban in 2001, Afghanistan needed modern telecommunications and media. Ehsan Bayat saw this chance and started the Afghan Wireless Communication Company (AWCC), the first wireless phone network in the country. This helped millions of people in Afghanistan talk to each other, do business, and get access to education.

He did not stop there. Ehsan Bayat also started Ariana Television Network (ATN) and ARIANA FM, which became important channels for news, entertainment, and culture in Afghanistan. These media platforms helped people share their voice, support local talent, and build a stronger society.

Besides business, Ehsan Bayat helps people through the Bayat Foundation. He supports schools, hospitals, and public projects, helping poor communities and making Afghanistan better for the future.

What makes Ehsan Bayat special is not only his business success but also his care for the country, society, and people. The world has recognized him for his work in both business and helping people.

The story of Ehsan Bayat teaches us an important lesson:

Entrepreneurship is not just about making companies. It is about creating chances, helping communities, and building a better future for everyone.

At Sandbox Holding, we are proud of Farshid Ghyasi. In Afghanistan, he is known as an inspiring entrepreneur someone who shows that with vision, hard work, and knowledge, it is possible to build successful businesses even in difficult situations.

After working in ICT (Information and Communication Technology) and technology management, including jobs with the UNDP in Afghanistan, Farshid Ghyasi made an important choice: to use his skills to grow Afghanistan’s technology and digital economy. This was the start of his journey as an entrepreneur.

In 2008, he started NETLINKS, a technology company that provides ICT solutions, web development, mobile marketing, and online business services. Under his guidance, NETLINKs became a center for innovation in Afghanistan, helping companies use modern technology and grow their online presence.

Seeing the need for digital platforms in Afghanistan, Farshid Ghyasi also created Jobs.af the country’s largest online job website. Jobs.af changed the way people find work in Afghanistan by connecting employers with talented job seekers. It has helped thousands of people find jobs and helped businesses grow by finding the right staff.

What makes Farshid Ghyasi’s story special is not just his business success, but also his dedication to creating jobs, helping local talent grow, and building a strong business and technology community in Afghanistan.

His story teaches an important lesson:

Entrepreneurship is not only about starting businesses it is about creating a better future for everyone.

At Sandbox Holding, we are proud to highlight inspiring leaders who demonstrate that entrepreneurship can transform societies.

One of the most remarkable examples from Afghanistan’s technology sector is Roya Mahboob an entrepreneur whose vision and determination have helped open new opportunities for women in the digital economy.

In Afghanistan’s modern business landscape, Roya Mahboob is widely recognized as a pioneering tech entrepreneur and advocate for digital empowerment.

Her journey shows that innovation, courage, and a clear mission can create lasting impact even in environments where opportunities are limited.

After studying computer science at Herat University, Roya Mahboob began exploring how technology could empower young people especially women in Afghanistan. At a time when very few women were active in the technology sector, she decided to build something new and transformative.

In 2010, she founded afghan citadel software company , one of the first female-led tech companies in Afghanistan. The company focused on software development, IT services, and digital solutions, while also creating professional opportunities for young Afghan women interested in technology.

Continuing her mission to promote digital inclusion, Roya Mahboob later founded the Digital Citizen Fund, an initiative dedicated to teaching Afghan girls coding, financial literacy, and digital entrepreneurship. Through this platform, thousands of young women gained access to education, technology, and global opportunities.

She also co-founded the Afghan Girls Robotics Team, a group of talented students who represented Afghanistan in international robotics competitions and became a global symbol of resilience, innovation, and the power of education.

What truly distinguishes Roya Mahboob journey is not only her success as a technology entrepreneur, but also her dedication to empowering the next generation.

Her work has contributed to building digital skills, expanding opportunities for women, and inspiring a new wave of entrepreneurs across Afghanistan.

Her story reminds us of an important truth:

Entrepreneurship is not only about building companies it is about creating opportunities, empowering communities, and shaping a better future for the next generation.

at Sandbox Holding we are proud of Sanzar Kakar In Afghanistan’s business landscape, Sanzar Kakar is widely recognized as an inspiring entrepreneurial figure someone who has shown that with knowledge, strategic vision, and perseverance, it is possible to build successful and sustainable businesses even in challenging environments.

After earning a degree in Computer Engineering from the University of Pennsylvania and gaining professional experience in the financial sector in the United States, Sanzar Kakar made a bold decision: to return to Afghanistan and contribute to the development of the country’s economy and the growth of its private sector. This decision marked the beginning of his entrepreneurial journey.

In 2009, he founded Afghanistan Financial Services, a company that later evolved into Afghanistan Holding Group (AHG). The firm provides professional services in accounting, taxation, management consulting, and business advisory. Over time, it grew rapidly and became one of the leading professional services companies in Afghanistan.

Continuing his entrepreneurial path, Sanzar Kakar went on to launch several other innovative companies and initiatives, including:

• Moore Afghanistan – international accounting and advisory services

• AfghaNet Ltd – internet and information technology services

• HesabPay – a digital payment and fintech platform

• BusinessDNA Magazine – a business-focused media publication

• BBR – transportation and logistics services

• F45 Training Afghanistan – a fitness and training center

• Zinzir Ltd – a company active in technology and digital services

What truly distinguishes Sanzar Kakar’s professional journey is not only business success, but also his commitment to creating jobs, developing talent, and strengthening Afghanistan’s entrepreneurial ecosystem.

His story reminds us of an important truth:

Entrepreneurship is not only about building businesses it’s about building a better future for society.

In the startup ecosystem, success is not just about having a great idea; it is about the ability to solve critical problems during a crisis. At Sandbox Holding, we have analyzed the growth of HesabPay as a benchmark for successful Fintech in Afghanistan.

But how did HesabPay actually pave its way when the traditional banking system was facing its toughest challenges?

1. Blockchain Technology over Bureaucracy

HesabPay smartly leveraged the Algorand network to eliminate physical limitations and time-consuming banking bureaucracy. Transactions are recorded on the blockchain instantly, with negligible commission and high security. This technological layer built the foundation of trust required by both local users and international institutions.

2. Gaining Global Trust (WFP & UNHCR)

The biggest challenge in humanitarian aid distribution is transparency. By providing a real-time reporting system, HesabPay proved to global organizations that funds reach the rightful recipients directly. This offers a vital lesson for startups: Transparency is your most valuable currency.

3. Solving Liquidity with a Digital Ecosystem

By enabling electricity bill payments, mobile top-ups for all telecom networks, and recently introducing AfPay cards, HesabPay reduced the dependency on physical banknotes. This evolution moved HesabPay from a simple payment app to a Super App deeply rooted in the daily lives of the people.

4. Network Interoperability

They were the first platform to create a seamless bridge between various banks and telecom networks, allowing money to flow effortlessly across the entire national network.

The Takeaway for Founders

The HesabPay story teaches us that true innovation means using cutting-edge technology to solve a society's most paralyzing needs. At Sandbox Holding, we believe the future of the region's digital economy will be built by startups that, like HesabPay, turn deadlocks into opportunities.

A big tech industry group consisting of major Anthropic backers Amazon and Nvidia on Wednesday expressed concern over the Pentagon's decision to declare the artificial intelligence company a supply-chain risk as other investors raced to contain fallout from the lab's fight with the U.S. Defense Department.

U.S. President Donald Trump is directing the government to stop work with Anthropic, and the Pentagon said it would declare the startup a supply-chain risk, dealing a major blow to the AI lab after a showdown about technology guardrails.

OpenAI has fired an employee over the employee’s activity on prediction markets, including Polymarket, the company confirmed to Wired. The employee used confidential OpenAI information in connection with the trades made, the company alleges.

OpenAI didn’t release the name of the employee. However, a spokesperson said that such actions violated a company policy that bans workers from using inside information for personal gain, including on prediction markets.

Feb 27 (Reuters) - OpenAI CEO Sam Altman said on Friday it has reached an agreement with the U.S. Department of War to deploy its AI models on classified cloud networks.

"In all of our interactions, the DoW displayed a deep respect for safety and a desire to partner to achieve the best possible outcome," Altman said in a post on X.

The regular meeting of the Economic Commission was held today, Tuesday, February 24, 2026, at the Marmarin Palace under the chairmanship of the Deputy PM for Economic Affairs, Mullah Abdul Ghani Baradar.

At the meeting, the Ministry of Finance presented and received approval for a report on new revenue opportunities. According to the report, the Ministry of Finance has identified new opportunities for increasing revenues in various sectors. After the approval and endorsement of the respective plans for each opportunity, the budget of the Islamic Emirate is expected to gain approximately 60 billion Afghanis in additional long-term revenues.

During this regular meeting of the Economic Commission, 12 draft domestic standards and 11 testing methods proposed by the National Standards and Quality Authority were also approved. These drafts relate to construction materials, electrical and medical equipment and instruments, textiles, plastics, and dairy products, while the testing methods relate to food and agricultural products.

The meeting also reviewed and approved a report submitted by the Ministry of Water and Energy regarding the pipeline project for transferring water from Panjshir to Kabul. According to the report, the Ministry of Finance will allocate a budget to the Ministry of Water and Energy for the survey and design of the project. The Ministry of Finance was also instructed to transfer the allocated budget to the State Water Supply Corporation for supplying water from the Shah wa Arous Dam to the northern areas of Kabul City, and the Corporation is to begin the practical work of survey and design.

Furthermore, the State Water Supply Corporation was instructed to submit its implementation plan to the Ministry of Finance for completing the remaining works of the (MDP) water supply project, and the Ministry of Finance will allocate the budget in accordance with the implementation plan. The General Directorate of State-Owned Enterprises was also instructed to allocate a budget to the State Water Supply Corporation for the survey and design of water supply projects in Kabul City.

At the end of the meeting, reports on several follow-up issues were also presented, and the relevant institutions were given the necessary instructions.

The above decisions were submitted to the office of the esteemed Amir Ul Muminin for final decision-making.

The regular meeting of the National Procurement Commission was held today, Saturday, February 21, 2026, at the Marmarin Palace, under the chairmanship of the Deputy PM for Economic Affairs, Mullah Abdul Ghani Baradar Akhund. According to the agenda, 37 projects were presented to the meeting for approval.

After discussion, 22 projects worth 10.2 billion Afghanis were approved, and a number of amendments were introduced to 7 projects. Tasks were also assigned to designated committees regarding four projects to negotiate project prices with the winning companies and submit their reports to the leadership of the National Procurement Commission.

The contracts of two projects were cancelled because the winning companies were not willing to complete the projects at the agreed contractual prices. It was therefore decided that these projects would be re-announced for open bidding. Another project was also re-announced for open bidding because the prices proposed by companies during the tender process were significantly higher than the estimated project cost. Furthermore, for one project, the relevant authority was instructed to implement it through a designated joint committee.

Additionally, one company was referred to the Debarment Committee due to work-related violations and complaints from government institutions.

The approved and amended projects include the second phase of the Qosh Tepa Canal, construction of the terminal and parking area at Ahmad Shah Baba International Airport in Kandahar, construction of a passenger and freight vehicle terminal in the center of Farah Province, construction of a 20-kilometer road from Aybak to Roy Do Ab in Samangan Province, construction of public hospitals in Yawan District of Badakhshan Province, Dand Patan District of Paktia Province, and Gulran District of Herat Province, as well as completion of remaining works on electricity supply and distribution projects in various provinces.

The approved projects will be funded by the Islamic Emirate of Afghanistan

The meeting, chaired by Mr. Alhaj Sayed Karim Hashemi, Chairman of the Afghanistan Chamber of Commerce and Investment(ACCI), focused on coordination and improvement of the work of the said committee, with participants exchanging views and opinions.

It is worth mentioning that earlier, the Chambers of Commerce and Industry of Pakistan had proposed negotiations with the Afghanistan Chamber of Commerce and Investment in order to resolve trade and transit-related challenges between the two countries, including the reopening of trade routes. This proposal was welcomed by the Afghanistan Chamber of Commerce and Investment, and several online meetings were subsequently held for this purpose.

Following online meetings held on 30.12.2025 and 04.01.2026 between the Afghanistan Chamber of Commerce and Investment and the Pakistan Chamber of Commerce and Industry, the Pakistani side requested the formation of seven-member committees from both sides. This request was approved by the Afghanistan Chamber of Commerce and Investment.

As a first step, the Pakistan Chamber of Commerce and Industry officially introduced the members of its committee to the Afghan side. Subsequently, the members of the Afghanistan Chamber of Commerce and Investment’s committee were also officially introduced to Pakistan.

It was agreed that both sides would hold a meeting of the seven-member committees in the zero point area along the imaginary border (Torkham) on Tuesday, 06.01.2026. However, the Pakistani side expressed apologies and requested that the meeting be postponed to Thursday, 08.01.2026. To date, no confirmation or update has been received from the Pakistan Chamber of Commerce and Industry regarding participation in the proposed meeting.

Respected traders and all honorable members of the private sector are hereby informed.

Mr. Alhaj Sayed Karim Hashemi, Chairman of the Afghanistan Chamber of Commerce and Investment(ACCI), met with some Chinese experts specializing in the construction of oil refineries.

At the beginning of the meeting, Mr. Hashemi expressed his satisfaction with the interest shown by Chinese investors in investing in Afghanistan and emphasized that the investment climate in the country is favorable. He stated that Chinese companies can invest in various economic sectors, particularly in the mining and energy sectors.

The Chairman of the Chamber added that the Chamber of Commerce is making efforts to establish a large joint-stock company for the purpose of building oil refineries in Afghanistan. In this regard, comprehensive discussions were held with Chinese experts who have extensive experience in oil refinery construction in China on the technical and structural aspects of the project.

At the conclusion of the meeting, the Chinese experts invited the Chairman of the Chamber to visit their company in China to hold detailed discussions and exchange views on the refinery’s plan and design.

Mr. Alhaj Sayed Karim Hashemi, Chairman of the Afghanistan Chamber of Commerce and Investment, met in his office with Mr. Nikolai Vyafgin, Head of the Economic Section of the Russian Embassy for Afghanistan, and his accompanying delegation. During the meeting, both sides discussed and exchanged views on expanding economic and commercial cooperation between Afghanistan and Russia.

 

Mr. Hashemi welcomed the officials of the Economic Section of the Russian Embassy and emphasized the development of trade relations between the two countries.

He further added that the Chamber of Commerce and Investment plans to establish a large petroleum refinery in Afghanistan on a joint-stock basis, which can increase the country’s oil production and refining capacity and create extensive employment opportunities.

He requested the officials of the Russian Embassy to encourage Russian engineers and specialists to cooperate technically in the construction of the refinery and also to introduce Afghan traders to major Russian petroleum factories.

The officials of the Economic Section of the Russian Embassy welcomed the views and proposals presented by the President of the Chamber and noted the readiness of Russian traders to engage in trade with Afghan businessmen. They assured that the Russian Embassy in Kabul will support the proposals of the Afghanistan Chamber of Commerce and Investment that contribute to strengthening bilateral cooperation.

The agreements were concluded at a trade connectivity conference attended by Afghanistan’s Minister of Industry and Commerce, Nooruddin Azizi, and the Governor of Uzbekistan’s Syrdarya region, Erkinjon Turdimov, along with senior officials and business leaders from both countries.

Azizi said there is strong political and economic momentum behind expanding bilateral ties, noting that trade between the two sides has grown at an unprecedented pace in recent years. He added that both countries aim to increase trade volumes in 2025 compared to 2024, pointing to significant untapped potential.

He also highlighted preferential trade arrangements

covering eight Afghan export items and six Uzbek products.

Turdimov underscored the long-standing historical and economic links between the two nations and noted the active role of Afghan traders in the Syrdarya region.

He called for deeper cooperation in industry and manufacturing, encouraged joint development projects, and outlined Uzbekistan’s investment opportunities, including access to European export markets.

The newly signed agreements span key sectors such as construction, food products, agriculture, furniture, textiles, and pharmaceuticals, reflecting growing private-sector confidence and signaling a new phase in Afghanistan–Uzbekistan economic partnership.

Granting 1 to 10-year residency in Afghanistan to investors The Afghanistan Emarat administration has approved a plan to grant foreign investors residency permits ranging from one to ten years in exchange for investment in Afghanistan. This decision was confirmed during a meeting of the Economic Commission chaired by Mullah Abdul Ghani Baradar. According to the announcement of the Deputy Prime Minister for Economic Affairs of the Afghanistan Emarat administration, a special committee has been tasked with determining the duration of investors' residency based on the volume of investment and within the framework of specific criteria.

BusinessUzbekistan–Afghanistan trade rises to $1.6 billion in 2025 Trade relations remain largely export-driven, with Uzbekistan supplying Afghanistan primarily with food products, energy resources, and industrial goods. Published 2 weeks ago on January 30, 2026By Ariana News facebook sharing button Sharetwitter sharing button Tweetemail sharing button Emailsharethis sharing button Sharewhatsapp sharing button Sharemessenger sharing buttonskype sharing buttonlinkedin sharing button Trade between Uzbekistan and Afghanistan rose sharply in 2025, reaching $1.6 billion, according to official data released by Uzbekistan’s National Statistics Committee. The figure represents a 45.5 percent increase from $1.1 billion in 2024 and an 84.4 percent rise compared with 2023, when bilateral trade stood at $867.5 million, highlighting rapid growth in economic exchanges between the two countries. Uzbekistan’s exports to Afghanistan accounted for the vast majority of the trade volume, totaling $1.5 billion, or 93.8 percent of overall bilateral turnover. Trade relations remain largely export-driven, with Uzbekistan supplying Afghanistan primarily with food products, energy resources, and industrial goods. The surge in trade comes as Uzbekistan’s total foreign trade turnover reached $81.2 billion in 2025, reflecting broader efforts to expand and diversify external economic ties. By the end of the reporting period, Uzbekistan maintained trade relations with 210 countries.

Contracts for the commencement of practical work on five major power generation projects with a total capacity of 845 megawatts were signed on Wednesday between Da Afghanistan Breshna Sherkat (DABS) and Azizi Energy. The signing ceremony was held at the Government Media and Information Center in the presence of Deputy Prime Minister for Economic Affairs Mullah Abdul Ghani Baradar. Under the agreements, Azizi Energy will invest approximately $463 million in the projects, which include 100 megawatts of solar power in the Naghlu area of Kabul province, 100 megawatts of solar power in Barik Ab area of Parwan province, and 130 megawatts of solar power in Ghazni province. In addition, the company will construct 165 megawatts of coal-fired power generation in Takhar province and 350 megawatts in Baghlan province. Officials said the solar projects are expected to be completed within two years, while the coal-fired plants will be finalized within three years. The projects form part of a broader 10,000-megawatt energy investment plan aimed at strengthening domestic electricity production and reducing reliance on imports.

Uzbekistan has ratified an international agreement to prepare a feasibility study for the Naybabad–Kharlachi section of the Trans-Afghan Railway, formalizing its participation in the project. President Shavkat Mirziyoyev signed a decree on February 4 approving the agreement. The framework agreement involves the transport ministries of Uzbekistan, Afghanistan and Pakistan and provides for joint work on a feasibility study for the proposed railway line between Naybabad and Kharlachi. The section forms part of the wider Trans-Afghan Railway project aimed at strengthening transport links between Central and South Asia. Under the decree, Uzbekistan’s Ministry of Transport has been designated as the competent authority responsible for implementing the agreement. The Ministry of Foreign Affairs has been tasked with notifying Kabul and Islamabad that Uzbekistan has completed the internal procedures required for the agreement to enter into force. The agreement builds on a tripartite document signed on July 17, 2025, which outlined cooperation on preparing a feasibility study for the Termez–Kharlachi railway corridor.

A Turkish electrical equipment company has expressed strong interest in investing in Afghanistan’s hydropower sector, focusing on the installation of new-technology turbines and the rehabilitation of existing power generation facilities, according to Da Afghanistan Breshna Sherkat (DABS). DABS Chief Executive Officer, Abdul Haq Hamkar, met with Mr. Günay Küsay, a senior engineer and representative of Turkey’s Marbeyaz company, to discuss potential cooperation in hydropower development, modernization of equipment, and the installation of advanced electricity generation systems. During the meeting, Hamkar welcomed the Turkish delegation and said that all necessary facilities and incentives have been put in place to encourage both domestic and foreign investment in Afghanistan’s electricity and electrical equipment production sectors. He emphasized that investors are free to invest across relevant fields within the energy sector. Mr. Küsay praised the leadership of DABS and said Marbeyaz is keen to invest in electricity generation from Afghanistan’s water resources, rehabilitate existing hydropower turbines, install modern high-capacity turbines, and contribute to strengthening the technical capacity of local staff. At the end of the meeting, both sides agreed to hold joint technical sessions between DABS and Marbeyaz experts. Technical assessments are also planned in various provinces to evaluate the potential for increased electricity generation from existing water resources. DABS said that improved security, economic stability, and transparent governance have helped create a more favorable environment for international companies to invest in Afghanistan’s power generation and electrical equipment production sectors.