ADB, Japan pledge 320 m dollars for Pak poverty alleviation

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May 2007
Islamabad, Pakistan, May, 13 2007 - The Asian Development Bank (ADB) and Japan have agreed to provide 320 million dollars to Pakistan to help that country to eradicate poverty.

Official sources told the Dawn that both donors have urged Islamabad to judiciously manage the new funds.

Micro-finance currently reaches to less than a million people in Pakistan. The market for micro-finance is estimated to be over 20 million people.

The ADB-Japan "reform programme" is meant to develop an enabling legal and regulatory environment, and the introduction of specific actions to remove bottlenecks and constraints at the strategic level.

The plan will focus on key success factors, including the promotion of technology and applications to achieve national scale at reduced cost for all types of financial service providers; expanding the range and quality of financial products and services, including those for the Islamic market; developing public-private partnership to expand outreach; stepping up reliable business and credit information systems; expanding fast, reliable and lower-cost remittance services for overseas workers; capacity building for institutions and authorities; and support for literacy programmes to improve access to finance and its utilisation for sustained economic growth.

The objective is to ensure access to sustainable institutional financial services for most poor and low-income households, the sources said.

 

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