$500 Million ADB Loan to Expand Financial Inclusion in Indonesia
The Asian Development Bank (ADB) has approved a $500 million policy-based loan to support the Government of Indonesia’s efforts to expand financial access among micro, small, and medium-sized enterprises and marginalized groups such as women and youth.
The Promoting Innovative Financial Inclusion Program will help the government better target and track financial inclusion, improve the payments infrastructure, and strengthen the regulatory framework for digital financial services, data privacy, consumer protection, and financial literacy. The program will help build a more inclusive financial services sector, which will reduce poverty and inequality and support Indonesia’s long-term sustainable development. "Financial inclusion will play an important role in Indonesia’s recovery from the coronavirus disease (COVID-19) pandemic," said ADB Financial Sector Specialist for Southeast Asia Poornima Jayawardana.