BearingPoint, Inc. (NYSE:BE), one of the world's largest management consulting and systems integration firms, today announced that it has been awarded a three-year contract to support treasury operations and implement efficient business processes within the Islamic Republic of Afghanistan's Ministry of Finance.
BearingPoint will help the Ministry build its accounting and financial management capacity as well as manage incoming funding from international donors.
Valued at $6.85 million, the new engagement calls specifically for BearingPoint to strengthen the Ministry's cash management capabilities and to develop strategies for treasury processes and human resources management.
BearingPoint was first engaged by the Republic in 2002 to provide a benchmark for a fully functional financial management system. The scope of the current work includes managing the client's existing Afghan Financial Management Information System (AFMIS, which was implemented by BearingPoint), continuing the deployment of AFMIS functions to line ministries and provincial administrations, transaction processing and reporting support, strengthening the client's cash management capabilities, and developing strategies for treasury processes and human resources management.
"Our work with the Afghanistan Ministry of Finance demonstrates BearingPoint's position as a world leader in treasury reform and financial system implementations in emerging markets," said James Horner, senior vice president for BearingPoint's Emerging Markets sector. "Post-conflict development is extremely complex and presents a host of unique challenges, yet we are confident that with BearingPoint's expertise supporting the proficiency of the Afghan government, both short-term goals and long-term development objectives will be met."
BearingPoint has steadily become a provider of choice for these types of projects in post-conflict environments including Afghanistan, Iraq, Kosovo and South Sudan.
"This assignment is particularly gratifying as the government and the people of Afghanistan have been extremely welcoming of the assistance we are providing to ensure the integrity of the system," added Horner. "In addition, it's important to note that we are assisting the region's development by utilizing local labor where and when possible."