KABUL, Sept. 29 (Xinhua) -- The World Bank provided a grant of 100 million U.S. dollars to help Afghanistan stabilize its financial sector and support small enterprises as the country strives to spur its recovery from COVID-19, said a statement reaching Xinhua on Tuesday.
"Funded by the International Development Association the Strengthening Afghanistan's Financial Intermediation (SAFI) project will enhance capacity of Afghanistan's central bank, Da Afghanistan Bank (DAB), for financial system regulation and supervision," the statement said.
"As Afghanistan recovers from the negative impacts of the COVID-19 pandemic, strengthening its financial sector is key to accelerating the recovery," World Bank Country Director for Afghanistan Henry Kerali was quoted in the statement as saying.
"This new financial assistance will enable Da Afghanistan Bank to strengthen its capacity to maintain financial sector stability. It will also support the financial institutions in expanding lending to micro, small and medium enterprises (MSMEs), in a sustainable way and facilitate temporary provision of matching grants to small and medium enterprises to retrofit and retool their businesses in response to impacts of COVID-19," he said.
The project will also help the Afghan Ministry of Finance facilitate access to finance for MSMEs, including women owned or operated businesses, through risk-sharing, matching grants, and technical assistance, the statement said. Enditem
