Afridi's re-appointment to the captaincy came days after he was fined three million rupees and placed on six months probation after being found guilty of ball-tampering on the recent tour of Australia [ Images ].
"It is a big honour for me and I will try to live up to the expectations of the board and nation," Afridi told reporters.
The 30-year-old Afridi has played 26 tests, 293 one-day internationals and 27 T20 internationals.
He was Pakistan's Twenty20 captain until the ball-tampering incident in February during the fifth one-dayer against Australia in Perth for which he was handed a two-match ban.
The captaincy was handed to Afridi on the same day he received a top civilian honour, the President's Pride of Performance award.
"It is a big day for me to get the award and also the captaincy, I am very happy," Afridi said.
Pakistan won the T20 World Cup under the captaincy of Younus Khan last year in England [ Images ] and Afridi played a key role in the success, winning man-of-the-match awards in the semi-final and final.
"I will try to lead by example and not let down my supporters and fans. We have the capability of defending our title," Afridi said.
Senior all-rounder Abdul Razzaq [ Images ], another captaincy candidate, said there were no hard feelings.
"I think he is the best choice to lead the team now because he has the ability to lead by example and gel the team. I will give him my wholehearted support. Afridi being captain is a good thing for Pakistan cricket," Razzaq told Reuters.
The PCB this month banned and fined seven players including Afridi following the team's poor performances in Australia.