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U.S. Awards Rural Finance Project in Afghanistan

FOR IMMEDIATE RELEASE
October 18, 2006
Press Office: 202-712-4320
Public Information: 202-712-4810
www.usaid.gov

KABUL, AFGHANISTAN - The U.S. Government, through the United States Agency for International Development (USAID) has awarded the Agriculture Rural Investment and Enterprise Strengthening (ARIES) project in Afghanistan, an $80 million dollar program to establish 50 new rural credit unions and farmer cooperatives over a three year period. Access to financial services is an essential component for establishing sustainable rural livelihoods and ARIES will be the largest rural finance program USAID has supported to date in this country. The goal is to provide legal, economic opportunities for the people who live in rural communities throughout the country.

"USAID is extremely pleased to embark on this new initiative to bring financial services to rural Afghans," said Leon S. Waskin, USAID Afghanistan Mission Director. "We recognize the difficulties facing rural communities and we feel our strong partnership with the Government of Afghanistan will help us overcome the challenges, spark economic activities, and improve the livelihoods of the people of Afghanistan."

ARIES will provide access to financial services to complement USAID's existing Alternative Livelihoods Program. It will establish a market-based, wholesale Rural Investment Fund to provide financing to cooperatives and farmers' associations as well as small and medium enterprises throughout the country. It will also create incentives for the private banking industry to increase lending in the provinces.

The prime implementing partner is the Academy for Educational Development (AED). AED will partner with the World Council of Credit Unions, ACDI/VOCA, and the Foundation for International Community Assistance, Shorebank International, and the Microfinance Investment Support Facility to develop the program.

For more information about USAID programs in Afghanistan, please visit our website at www.usaid.gov.

The U.S. Agency for International Development has provided economic and humanitarian assistance worldwide for more than 40 years.

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