|
Pakistan
|
LOAN: PAK 39492-01
|
Improving Access to Financial Services (Phase I) Program
|
|
Location
Islamic Republic of Pakistan
|
Sector
Finance /Finance Sector Development
|
Initial Listing
31 October 2006
|
Most Recent Update
15 December 2006
|
Executing Agency(ies)
Min of Finance
|
- Missions
-
| TA Fact-Finding |
Loan Fact-Finding |
Pre-Appraisal |
Appraisal |
|
4-20 Jul 2006 |
TBD |
14-31 Oct 2006 |
|
|
Loan Approval Date
14 December 2006
|
Estimated Completion Date
|
- Cost and Financing Plan (in US$ million)
-
| Source |
Foreign Cost |
Local Cost |
Total |
| Bank |
320.00 |
0.00 |
320.00 |
| Cofinancing |
0.00 |
0.00 |
0.00 |
| Borrower |
0.00 |
0.00 |
0.00 |
| Beneficiaries |
0.00 |
0.00 |
0.00 |
| Others |
0.00 |
0.00 |
0.00 |
| Project/Program Cost |
320.00 |
0.00 |
320.00 |
| |
OCR |
ADF |
Total |
| Loan Amount |
300.00 |
20.00 |
320.00 |
- Description
-
The reduction of poverty is of the highest priority for the Government of Pakistan. Despite the high level of economic growth averaging over 7.5% for the past three years, 24% of the population, or 36 million people, continue to live below the poverty line. Further sustained economic growth requires a financial sector that is stronger and more effective in mobilizing savings and allocating these to productive use. Building an inclusive financial sector means broadening the outreach and deepening the service, while at the same time striving for efficiency and ensuring sustainability. Although the sector has made good progress, the small outreached achieved in contrast to the vast numbers of unbanked has shown that new measures are needed in Pakistan to improve access to financial services.
|
|
-
-
|
-
-
|
- Thematic Classification
- Good Governance / Economic Growth
|
|
- Target Classification
- Targeted Intervention
|
- Rationale
-
- Objectives and Scope
-
The goal of the proposed Program is to assist the Government to reduce poverty, build an inclusive financial sector, and promote sustainable economic growth by using technology and applications to lower cost of delivery of financial services and to improve the efficiency of these services. The program's objective is to ensure access to sustainable institutional financial services for most poor and low-income households and their microenterprises at competitive prices. The program will support the Government to improve the performance and efficiences of the financial sector; promote diversification and innovation in product and services delivery; and increase outreach in rural and remote areas. Private sector participation and innovation in the delivery of products and services will be supported including savings services, transfer remittance services, and products and services that are Sharia (Islamic Law) compliant. Increased access to a range of financial services on a sustainable basis will enable the poor to engage in income generating activities, thereby reducing poverty and vulnerability. It will support the Government's core reforms to increase access and accelarate growth nationwide, including programs for literacy.
- Policy Dialogue
-
- Environment Category:
C
- Environment Impact and Mitigation
-
Environmental assessment of policy interventions indicate that the program is unlikely to have adverse environmental impacts.
- Social Aspects and Remedies
-
- Benefits and Beneficiaries
-
The program will provide significant benefits and will have positive impacts on the poor. These includes:
(i) a deeper financial sector that fosters broad-based, economic growth, reduces poverty and contributes to macroeconomic stability;
(ii) development of a sustainable market-oriented microfinance sector with greater outreach to the poor in rural and remote areas;
(iii) a developed regulatory and supervisory framework that promotes innovation and product diversification, private sector participation and lower cost, sustainable financial services;
(iv) improved credit information and land registration system to provide essential information for access to credit;
(v) improved capacities and efficiences of financial service providers for new technologies and applications, including mobile money transfer and VSAT technologies to improve access to financial services in rural and remote areas; and
(vi) increased literacy (financial and basic) improving access of the poor to financial services.
- Public Consultation
- Arranged by
- Date for Consultation :
- Groups Consulted :
- Beneficiary Participation in Formulation
-
The goals of the program are reflected in the Government's Medium-Term Development Framework 2005-2010 and Strategic Directions to Achieve Vision 2030.
- Beneficiary Participation in Implementation
-
The Government will actively assist and support ongoing program monitoring and evaluation by facilitating consultations with related agencies and other key stakeholders as appropriate.
- Consulting Services
-
Not applicable
- Procurement
-
In accordance with the simplified Disbursement Procedures and Related Requirements for Program Loans, procurement of goods and services produced in and originating from ADB's member countries will be made with due consideration to economy and efficiency in accordance with standard Pakistan public sector procedures and normal private sector commercial practices acceptable to ADB.
- Contacts
- Bank
|
Julie Rogers
|
|
Principal Financial Sector Specialist
|
|
CWGF
|
|
Tel. No.:
|
(632) 632-6293
|
|
E-mail:
|
jrogers@adb.org
|
- Executing Agency
- Min of Finance
|
Contact Person
|
:
|
Mr. Muhammad Iqbal Hussain, Sr. Joint Secretary
|
|
Tel. No.
|
:
|
+92 01 962
|
|
Fax. No.
|
:
|
+92 13 705
|
|
E-mail
|
:
|
inv@isb.comsats.net.pk
|
|
Contact Person
|
:
|
|
|
Tel. No.
|
:
|
|
|
Fax. No.
|
:
|
|
|
E-mail
|
:
|
|
- Remarks
-
|
|
|
Projects 
Top of page