The World Bank on Wednesday approved a financial package worth $450 million aimed at helping the poorest and vulnerable segments in Pakistan, according to a press release. The program includes various measures to improve living conditions of the poor in the country, including expanding banking and financial services and widening the social safety net to cover marginalized communities. It will also help in promoting tourism in Punjab by encouraging private-sector development to increase opportunities.
The program comprises three different funds for achieving the three goals.
The Finance for Growth Development Policy (FGDP) will provide $300 million to support the government’s steps to ensure a transparent financial sector. “The FGDP aims to raise financial access throughout Pakistan to 50 percent of adults, including 25 percent women by 2020. Similarly, in the next three years, it aims to boost private sector credit access to small and medium enterprises to 15 percent from 7 percent in 2015.”
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Source: GEO TV