Pakistan Launches $500 Million Financing Programme to Boost Women's Financial Inclusion

Strategic Insights -

The Asian Development Bank (ADB) has launched a $500 million financing programme with Pakistan to enhance women's financial inclusion. This initiative is a significant step towards bridging the gender finance gap, as the State Bank of Pakistan (SBP) joins the global Women Entrepreneurs Finance Code (WE Finance Code) led by the World Bank. The programme aims to support over 2 million women in Pakistan by providing access to bank loans, ATMs, and other financial services. By promoting women's economic participation, the initiative has the potential to raise Pakistan's GDP by up to 30% and add $28 trillion to the global economy.

Key Takeaways:

  • The ADB has launched a $500 million financing programme with Pakistan to boost women's financial inclusion, in partnership with the State Bank of Pakistan (SBP) and the World Bank.
  • The programme aims to support over 2 million women in Pakistan by providing access to bank loans, ATMs, and other financial services.
  • The initiative is part of the global Women Entrepreneurs Finance Code (WE Finance Code), which has signed over 30 countries and 250 institutions.
  • The programme targets women-run small and medium-sized enterprises (SMEs) and aims to encourage policy reforms, increase job opportunities, and include fintech, digital finance, and equity funds in the Pakistani market.
  • SBP Governor Jameel Ahmad emphasized the national economic need for gender equality, highlighting that women make up only 22% of the labour force in Pakistan.
  • The initiative has the potential to raise Pakistan's GDP by up to 30% and add $28 trillion to the global economy.
  • The programme is expected to boost banking revenue by around $650 million.

Statistics:

  • $500 million: The total financing available for the programme.
  • 20 banks and financial institutions: Numbers of institutions that have joined the SBP-led programme.
  • 30%: The potential increase in Pakistan's GDP by promoting women's economic participation.
  • $28 trillion: The potential addition to the global economy through women's economic participation.
  • 30 countries and 250 institutions: The number of countries and institutions signed the WE Finance Code.
  • 2 million: The number of women in Pakistan that the programme aims to support.
  • 22%: The current percentage of women in the labour force in Pakistan.

Sources:

  • The State Bank of Pakistan (SBP)
  • The Asian Development Bank (ADB)
  • The World Bank
  • The Women Entrepreneurs Finance Code (WE Finance Code)