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ISLAMABAD, Jun 24 (APP):The Government of Pakistan and Asian Development Bank (ADB) on Tuesday signed a landmark $ 350 million loan agreement for the “Women Inclusive Finance Sector Development Program (Subprogram-II)”. Statements were made from both sides.
Sabina Qureshi, Additional Secretary of the Economic Affairs Division, and Mr. Dinesh Raj Shiwakoti, Head Project Administration Unit, signed the Loan Agreement. Project Agreement for Financial Intermediary Loan (FIL) was signed by the State Bank of Pakistan, said a press release issued here.
The ceremony was attended by senior officials from the Government of Pakistan and ADB.
The signing of the agreement ensures the Government of Pakistan’s commitment in fostering women’s economic empowerment.
Through improved access to finance, expanded entrepreneurship opportunities, and increased job creation, the program paves the way for a more inclusive and prosperous future for women.
Subprogram II of WIF is built on the foundational policy reforms introduced under Subprogram I.
It focuses on four key reform areas i.e. creating an enabling policy and regulatory environment for women’s financial inclusion, increasing the supply of finance for women, strengthening women’s entrepreneurship capabilities and promoting inclusive and equitable workplaces within the financial sector.
The total financing package of $ 350 Million (300 million Policy Based Loan and 50 million FIL) will significantly contribute to Pakistan’s ongoing efforts for inclusive, resilient and sustainable development.