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World Bank approves $102 million for Pakistan's RAM project
ISLAMABAD (Web Desk) The World Bank has approved $102 million in financing for Pakistan's Resilient and Accessible Microfinance (RAM) Project, aimed at strengthening the microfinance sector and improving access to credit, particularly for those vulnerable to climate-related shocks.
The project, which will benefit nearly 1.9 million people—especially women, youth, and rural communities—will provide financial support to microfinance institutions, ensuring they can continue operations during climate-induced economic disruptions.
It will also offer "recovery loans" to individuals and small businesses affected by such crises.
The RAM Project is designed based on lessons learned from the devastating 2022 floods and focuses on increasing financial inclusion and resilience for vulnerable populations, including small farmers and rural families.
Key components include a Climate Risk Fund, agrotechnology solutions, and capacity building for microfinance institutions.
Co-financed by a $23 million grant from the Global Shield Financing Facility (GSFF), the project is part of a broader World Bank initiative to improve financial inclusion and climate resilience in Pakistan.
It will be implemented by the Ministry of Finance through the State Bank of Pakistan.
The project aligns with Pakistan's new 10-year Country Partnership Framework, reinforcing the World Bank’s commitment to supporting economic empowerment and resilience in the face of growing climate risks.