ASIATODAY.ID, JAKARTA – The Asian Development Bank (ADB) has approved a $500 million loan to foster financial inclusion in Indonesia, focusing on expanding access to financial services for vulnerable groups, particularly micro, small, and medium-sized enterprises (MSMEs), women, youth, and rural populations.
The new loan marks the third subprogram of the Promoting Innovative Financial Inclusion Program, which supports Indonesia’s ongoing reforms for a more inclusive financial sector. The program focuses on three key reform areas: enhancing financial inclusion infrastructure, improving access to financial services for marginalized groups, and leveraging technology to strengthen consumer protection frameworks.
Supported by strong macroeconomic and financial stability policy frameworks, financial inclusion is poised to advance further, including in the remote regions, through continued efforts that leverage on digital technology.
“ADB is proud to support Indonesia’s commitment to increase financial inclusion through this program,” said ADB Country Director for Indonesia Jiro Tominaga, December 5, 2024.
“By combining digital innovation with targeted support for vulnerable groups, this initiative will help create a more resilient and inclusive financial sector. ADB is committed to supporting Indonesia’s journey toward universal financial access.”
The program is advancing financial inclusion through key initiatives like digital finance ecosystem expansion, Bank Indonesia’s Payment System Blueprint 2025 implementation, regional access to finance, MSMEs support in eastern Indonesia, including for youth, and expanding women’s access to digital finance. Building on ADB’s support since 2020, the third subprogram tackles new challenges, including climate change impacts on excluded populations to enhance financial health and resiliency.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region. (AT Network)
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