Pajhwok Services

Photo Service

SMS News Service

Pajhwok combines its expertise and experience in news reporting with a telecom firm and thus reach a wider audience in an 
effective way.

To subscribe: 
English News Update : Send 83 to 824
Dari News Update : Send 84 to 824
Pashto News Update : Send 85 to 824

Election Coverage

Special Mining Page

Afghan Peace Process Special Page

Addvertise With Pajhwok

Daily Newsletter

Language
Sending Time (GMT / Kabul time)

Suggest a Story

Pajhwok is interested in your story suggestions. Please tell us your thoughts by clicking here.

Project to strengthen Afghan financial sector launched

Project to strengthen Afghan financial sector launched

By
On
May 17, 2011 - 18:22

KABULinfo-icon(PANinfo-icon): The United States Agency for International Development (USAIDinfo-icon) on Tuesday launched a new project to strengthen Afghanistaninfo-icon's financial sector and help the government and private-sector create jobs and stimulate economic growth, the agency said.

The five-year Financial Access for Investing in the Development of Afghanistan (FAIDA) project launch brought together more than 100 representatives from banks, microfinance institutions, mobile network operators, and relevant government offices to discuss the future of Afghanistan’s financial sector, the USAID said in a statement.

In his remarks, Senior Deputy Mission Director Hellyer emphasised the importance of financial services in driving the growth of Afghanistan’s private sector.

He said Afghanistan needed a strong and well-regulated financial sector that provides access to capital for small and medium-sized businesses to grow the economy and create jobs in the future.

Speaking at the event, the Chairman of the Microfinance Investment Support Facility for Afghanistan, Wais Ahmed Barmak, highlighted the need for training, ranging from basic financial literacy to advanced international accounting standards to improve understanding of financial management issues across Afghanistan.

After decades of conflict, Afghanistan’s private-sector, particularly in agricultureinfo-icon, lacks access the financial services necessary for sustained economic growth.

Formal financial services have only penetrated 15 percent of the micro-enterprise sector and approximately one percent of the small and medium-enterprise sector, the statement said.

The $74-million FAIDA project will use a three-pronged approach to strengthen financial systems and develop new financial products, it added.

At the micro level, FAIDA will work with partner institutions to identify and provide tailored financial products to create jobs and increase the competitiveness of Afghan businesses.

pr/ma

Related Article


Download “Pajhwok” mobile App, on your smartphone to read and access latest news, features, interviews, videos and photos about Afghanistan.

   

Add new comment

Advertisement

Twitter Update