ISLAMABAD, March 19 (Xinhua) -- The World Bank approved 102 million U.S. dollars in financing for the Resilient and Accessible Microfinance (RAM) Project in Pakistan, said a statement on Wednesday.
The project aimed at improving access to microcredit and strengthening the resilience of the country's microfinance sector against climate-related shocks, it said.
"Microfinance is a critical tool for supporting the livelihoods of vulnerable populations in Pakistan. This project will continue to provide essential financial services to those who need them most, especially in rural areas," said World Bank Country Director for Pakistan Najy Benhassine.
The director added that the project, as part of a broader commitment to promoting financial inclusion in Pakistan, would increase resilience to climate change, as outlined in the new 10-year Country Partnership Framework.
According to the statement, the project is expected to benefit nearly 1.89 million people, including more than 1 million women and over 350,000 youth, particularly those in vulnerable and low-income rural communities.
The key components of the project include the establishment of a Climate Risk Fund, innovative use of agrotechnology solutions, and capacity building for microfinance institutions, the bank said. ■
