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Pakistan, ADB sign $350 million loan to boost women’s financial inclusion

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Digital Desk

1 year ago

ISLAMABAD: The Asian Development Bank (ADB) has approved a $350 million loan for Pakistan to support access to finance for women in Pakistan under the “Women Inclusive Finance Sector Development Program (Subprogram-II).”

According to the ADB press release, the loan agreement was signed by Sabina Qureshi, additional secretary of the Economic Affairs Division, and Dinesh Raj Shiwakoti, Head of the Project Administration Unit.

“The State Bank of Pakistan signed the Project Agreement for the Financial Intermediary Loan (FIL).”

The program is aligned with Pakistan’s Country Partnership Strategy 2021–2025 to boost the representation of women in the economy.

ADB Director Sani Ismail said the program is ambitious with a goal to reach out to over 2 million women in Pakistan to help them fulfill their potential, through a combination of access to finance, inclusive legal and policy reforms, and expanding capacity for entrepreneurship.

The agreement underscores Pakistan’s commitment to advancing women’s economic empowerment, aiming to enhance access to finance, entrepreneurship opportunities, and job creation, thereby fostering a more inclusive future for women.

Subprogram II builds on the policy reforms introduced under Subprogram I and focuses on four key areas: creating a supportive policy environment for women’s financial inclusion, expanding financial services for women, strengthening their entrepreneurial skills, and promoting inclusive workplaces within the financial sector.

The $350 million financing package, which includes a $300 million policy-based loan and a $50 million FIL, will support Pakistan’s efforts toward inclusive, resilient, and sustainable development.

Digital Desk