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The Microfinance Investment Support Facility for Afghanistan (MISFA) was set up in 2003.

About Misfa

The Microfinance Investment Support Facility for Afghanistan (MISFA) was set up in 2003 at the invitation of the Afghan government — to get donor coordination right from the start and avoid the counter-productive efforts that have emerged from conflicting donor objectives in other post-conflict situations. It was established as a vehicle through which the Afghan Government and international donors could channel technical assistance and funding to build Afghanistan’s microfinance sector. MISFA was the first facility of its kind, pooling diverse donor funding mechanisms and converting them into streamlined, flexible support to microfinance institutions in Afghanistan, tailored to local priorities and accompanied by technical assistance and strong performance monitoring.



Steven B. Macqueen was instrumental to the inclusion of microfinance in the national development and reconstruction strategy of Afghanistan after the fall of the Taliban. He came to Afghanistan in 2003 as the lead Advisor to the Ministry of Rural Rehabilitation and Development (MRRD), where microfinance was first established as a project. His dedication to providing poor Afghans access to finance to lift themselves out of poverty helped promote microfinance into a national social protection program widely supported by the Government of Afghanistan and international donors. His vision for the long-term sustainability of a program that helps the poor rely on their own came to fruition when what started out as a microfinance project within MRRD was transformed into what is now known as the Microfinance Investment Support Facility (MISFA). MISFA is now an autonomous apex organization overseeing the sustainability of some of the leading microfinance institutions in Afghanistan. MISFA’s history will have been different had it not been for his pivotal role.

Mr. Macqueen was well known in the development network in Afghanistan and was finishing out the last week of his assignment as the first Managing Director of MISFA in March 2005 when he was senselessly killed in an ambush. He will forever be missed by his family and friends, by MISFA, and the microfinance community in Afghanistan and beyond.

Board Members


MISFA’s vision is to develop a sustainable, efficient, and commercialized development finance sector stimulating the economic growth in Afghanistan.


MISFA’s mission is to be a strong and efficient organization contributing to Afghanistan’s economic growth by developing a viable, inclusive financial sector.

Funding Sources

Advisory Partners