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AKFED to Set Up Afghanistan'sFirst Microfinance Bank - 2003-09-18

Thursday, 2003, September 18

The Aga Khan Fund for Economic Development (AKFED) today received a banking licence for The First MicroFinanceBank (FMFB). The institution, with an initial capital of
US$ 5 million, will be the first of its kind to be established under the country's new regulatory structure.

AKFED, the majority shareholder in the new bank, has mobilised international resources to help create an institution focused on poverty alleviation and that has a strong regional presence. The International Finance Corporation (IFC) is expected to take a 19% share in the Bank. The Kreditanstalt f

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