World Bank approves $102 million for microfinance sector in Pakistan

The World Bank has approved $102 million in financing for the Resilient and Accessible Microfinance (RAM) Project, aimed at expanding access to microcredit and strengthening the resilience of the microfinance sector in Pakistan, particularly against climate-related challenges.

According to World Bank Country Director for Pakistan, Najy Benhassine, microfinance plays a crucial role in supporting vulnerable communities. He stated that the project would help the sector remain strong in the face of climate risks, ensuring continued financial support for those in need, especially in rural areas.

“This project is part of our broader commitment to promoting financial inclusion in Pakistan and increasing resilience to climate change, as outlined in our new 10-year Country Partnership Framework,” Benhassine added.

The RAM Project is expected to benefit approximately 1.89 million people, including more than 1 million women and over 350,000 young individuals, particularly from low-income and rural backgrounds. The initiative underscores the importance of financial accessibility and economic empowerment, helping communities better withstand economic and environmental challenges.