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ADB approves 500 million USD loan for Indonesia to expand financial inclusion

The Asian Development Bank (ADB) recently approved a 500 million USD policy-based loan to support the Indonesian Government’s efforts to expand financial access among micro, small, and medium-sized enterprises (MSMEs) and marginalised groups such as women and youth.
ADB approves 500 million USD loan for Indonesia to expand financial inclusion ảnh 1One hundred dollar notes are seen in this photo illustration (Source: AFP)

Jakarta (VNA) – The Asian Development Bank (ADB) recently approveda 500 million USD policy-based loan to support the Indonesian Government’sefforts to expand financial access among micro, small, and medium-sizedenterprises (MSMEs) and marginalised groups such as women and youth.

The loan is part of the Promoting Innovative FinancialInclusion Programme which aims at helping the government better target andtrack financial inclusion, improve the payments infrastructure, and strengthenthe regulatory framework for digital financial services, data privacy, consumerprotection, and financial literacy.

The programme will also help build a more inclusive financialservices sector, which will reduce poverty and inequality and supportIndonesia’s long-term sustainable development.

ADB’s programme supports the government’s goal of increasingthe number of Indonesians using financial products or services offered byformal financial institutions to 90 percent by 2022, up from 76 percent in2019.

ADB has been supporting financial inclusion in Indonesiathrough lending and technical assistance since 2002, when it helped develop themicrofinance sector to expand access to finance for MSMEs./.
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