The Government of Pakistan and the Asian Development Bank (ADB) on Tuesday signed a $350 million loan agreement for the “Women Inclusive Finance Sector Development Program (Subprogram-II),” affirming the country’s commitment to women’s economic empowerment.
Sabina Qureshi, additional secretary of the Economic Affairs Division, signed the loan agreement on Pakistan’s behalf, while the ADB’s signatory was Dinesh Raj Shiwakoti, head Project Administration Unit. The State Bank of Pakistan (SBP) signed the Project Agreement for Financial Intermediary Loan (FIL).
Attended by senior officials of the Government of Pakistan and the ADB, the signing ceremony affirms 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: 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, comprising a $300 million policy-based loan and a $50 million FIL would significantly contribute to Pakistan’s ongoing efforts for inclusive, resilient and sustainable development.