The establishment of AIBF supports the building of robust financial system within Afghanistan
Kabul, November 10, 2010 - Afghanistan's financial sector has grown significantly over the past six years. Assets have grown from US$60 million in 2002 to US$ 4.26 billion in August 2010. During the 2004-2010 period, Banks' deposits grew from US$60 million to US$3.58 billion. However,lack of human capacity is on of the key constraints to further development of the sector. The training provided by the AIBF is designed to alleviate this constraint. ''The establishment of AIBF supports the Central Bank's overall goal of fostering price stability and building a robust financial system within Afghanistan," commented Central Bank Governor Abdul Qadir Fitrat. ''Through accelerated capacity building with institutions like AIBF, our financial system will get the boost it needs to build a banking sector that is transparent and conducive to macro-economic stability.'' ''The AIBF has been established specifically to provide training in financial practices and policies that support economic growth in Afghanistan,'' said AIBF Director Andrew Hook. ''Although there has been excellent progress in the development of Afghanistan's financial sector, it has been recognized that further strengthening of technical and professional skills of bankers and microfinance managers is urgently needed.'' The AIBF has been established as a corporation under the Company Law of Afghanistan with three shareholders- Da Afghanistan Bank, the Afghan Bankers' Association and the Microfinance Investment Support Facility for Afghanistan (MISFA). The institute has been established specifically to provide training in financial practice and policy. The institute is receiving financial support from the World Bank, Harakat, DAB and ADB to assist in developing its training services.