Josée Verner, Minister of The Canadian International Development Agency (CIDA) plans to distribute USD 16 mm to Microfinance Investment Support Facility for Afghanistan (MISFA), an Afghani national micro-credit program. CIDA’s, goal is to support sustainable development in developing countries in order to reduce poverty and to contribute to a more secure, equitable, and prosperous world. MISFA, was created by the Government of Afghanistan, World Bank Group, and the Consultative Group for the Poor in 2003 to provide poor Afghans with access to loans and financial services. MISFA currently funds 13 microfinance institutions serving over 300,000 Afghans, most of whom are women. In the past MISFA has received funds from the CIDA, USAID, and the UK Department for International Development. MISFA uses these funds to provide loans to microfinance institutions operating in Afghanistan, such as FINCA Afghanistan, BRAC, AKDM, CARE, CHF, and Women for Women. Originally operating within the country’s Ministry of Rural Reconstruction and Development, it became an independent entity in 2004. MISFA does not report to the MIX Market, the microfinance information clearinghouse and no other information is publicly available about its performance.

Continue reading “The Canadian International Development Agency, allocates USD 16 mm to the Microfinance Investment Support Facility (MISFA) in Afghanistan”