ADB approves $500 mln loan for Indonesia financial inclusion

MACROECONOMICS - JAKARTA. The Asian Development Bank (ADB) said on Wednesday it had approved a $500 million loan to support the Indonesian government's push to expand financial access to small enterprises, women and young people.

"More equitable, efficient access to financial products and services will support government measures to mitigate the pandemic’s economic and social impacts, rebuild livelihoods, and prepare for future economic shocks,” Poornima Jayawardana, ADB financial sector specialist for Southeast Asia, said in a statement.

Indonesia suffered its first recession in over two decades this year after the COVID-19 pandemic hit consumption and business activity. The government expects the economy to shrink between 1.7% to 0.6% in 2020.

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