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Financial inclusion, financial regulation, and education in Bangladesh

Published by: ADB


About

Like in many other countries, inclusive finance for inclusive growth has become a policy issue in Bangladesh following the global financial crisis in 2008. Over the past 10 years, intensity of financial deepening and access to financial services has increased. Both banks and microfinance institutions have contributed to higher intensity. A recent study shows that around 40% of the adult population and 75% of households have access to financial services in Bangladesh. Several factors may have contributed. Proactive regulatory policies and expanded financial literacy are the major determinants. In this paper, regulatory policies have been evaluated and the effect of financial literacy on financial inclusion has been examined empirically. Our analysis suggests that the regulatory agencies in Bangladesh have formulated policies for promoting financial inclusion and creating investment opportunities for micro and small firms in particular. Our empirical evidence, based on household-level data, shows that the intensity of financial literacy in Bangladesh is moderate, and it has a positive impact on inclusive finance. These findings warrant more emphasis on increasing financial literacy for access to finance and informed investment decisions.

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General Information

SDGs Goal 1: No poverty Goal 4: Quality education Goal 10: Reduced inequalities
Published
2016
Thematic Area
Inclusive economic growth for poverty eradication
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End poverty in all its forms everywhere

Eradicating poverty in all its forms remains one of the greatest challenges facing humanity. While the number of people living in extreme poverty has dropped by more than half – from 1.9 billion in 1990, to 836 million in 2015 – too many people are still struggling to meet the most basic human needs.

Globally, more than 800 million people are still living on less than $1.25 a day; many lack access to adequate food, clean drinking water and sanitation. Rapid economic growth in countries like China and India has lifted millions out of poverty, but progress has been uneven. Women are disproportionately affected; they are more likely to live in poverty due to unequal access to paid work, education and property.

Progress has also been limited in other regions, such as South Asia and sub-Saharan Africa, which account for 80 percent of the people living in extreme poverty. This rate is expected to rise due to new threats brought on by climate change, conflict and food insecurity.

The Sustainable Development Goals (SDGs) are a bold commitment to finish what we started, and end poverty in all forms and dimensions by 2030. In order to achieve the SDGs, we must target those living in vulnerable situations, increasing access to basic resources and services, and support communities affected by conflict and climate-related disasters.

Ending poverty is one of 17 Global Goals that make up the 2030 Agenda for Sustainable Development. An integrated approach is crucial for progress across multiple goals.

Learn more about the targets for Goal 1.

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End poverty in all its forms everywhere

Eradicating poverty in all its forms remains one of the greatest challenges facing humanity. While the number of people living in extreme poverty has dropped by more than half – from 1.9 billion in 1990, to 836 million in 2015 – too many people are still struggling to meet the most basic human needs.

Globally, more than 800 million people are still living on less than $1.25 a day; many lack access to adequate food, clean drinking water and sanitation. Rapid economic growth in countries like China and India has lifted millions out of poverty, but progress has been uneven. Women are disproportionately affected; they are more likely to live in poverty due to unequal access to paid work, education and property.

Progress has also been limited in other regions, such as South Asia and sub-Saharan Africa, which account for 80 percent of the people living in extreme poverty. This rate is expected to rise due to new threats brought on by climate change, conflict and food insecurity.

The Sustainable Development Goals (SDGs) are a bold commitment to finish what we started, and end poverty in all forms and dimensions by 2030. In order to achieve the SDGs, we must target those living in vulnerable situations, increasing access to basic resources and services, and support communities affected by conflict and climate-related disasters.

Ending poverty is one of 17 Global Goals that make up the 2030 Agenda for Sustainable Development. An integrated approach is crucial for progress across multiple goals.

Learn more about the targets for Goal 1.

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The SDG Fund response

The SDG Fund supports initiatives that tackle poverty from a multisectoral perspective and address the following dimensions:

  1. Create opportunities for good and decent jobs and secure livelihoods
  2. Support inclusive and sustainable business practices
  3. Promote better government policies and fair and accountable public institutions

For example,

  • In Bangladesh, women are often employed at the lower end of the productivity scale. The labor force participation of rural women is only 36.4% compared to 83.3% of men. Creating employment and income generating opportunities for women and enhancing their access to social protection is helping reduce their poverty and vulnerability. The SDG Fund’s programme is working in the Kurigram district in the Northwest and the Satkhira district in the coastal belt, both regions that are strongly affected by seasonal hunger and extreme poverty. More than 2,500 women have been employed through the programme and were able to open individual savings banking accounts.
  • In Côte d'Ivoire, the SDG Fund is working to reduce poverty by creating economic and job opportunities in the San Pedro region, particularly for women and youth. An integrated approach including training, engaging with the government and other leaders on reforming rural land tenure practices, and creating new income generating activities. The programme is helping increase vulnerable groups' access to information about their rights and providing them with legal assistance. The programme also focuses on ensuring food security and improving nutrition in the poorest households.
  • In Honduras, the SDG Fund supports the revitalization of the Lenca culture and micro-businesses led by women and youth. In the Lenca region, the SDG Fund backs training, business articulation, sustainable tourism promotion and international investment.
[format] => full_html [safe_value] =>

The SDG Fund response

The SDG Fund supports initiatives that tackle poverty from a multisectoral perspective and address the following dimensions:

  1. Create opportunities for good and decent jobs and secure livelihoods
  2. Support inclusive and sustainable business practices
  3. Promote better government policies and fair and accountable public institutions

For example,

  • In Bangladesh, women are often employed at the lower end of the productivity scale. The labor force participation of rural women is only 36.4% compared to 83.3% of men. Creating employment and income generating opportunities for women and enhancing their access to social protection is helping reduce their poverty and vulnerability. The SDG Fund’s programme is working in the Kurigram district in the Northwest and the Satkhira district in the coastal belt, both regions that are strongly affected by seasonal hunger and extreme poverty. More than 2,500 women have been employed through the programme and were able to open individual savings banking accounts.
  • In Côte d'Ivoire, the SDG Fund is working to reduce poverty by creating economic and job opportunities in the San Pedro region, particularly for women and youth. An integrated approach including training, engaging with the government and other leaders on reforming rural land tenure practices, and creating new income generating activities. The programme is helping increase vulnerable groups' access to information about their rights and providing them with legal assistance. The programme also focuses on ensuring food security and improving nutrition in the poorest households.
  • In Honduras, the SDG Fund supports the revitalization of the Lenca culture and micro-businesses led by women and youth. In the Lenca region, the SDG Fund backs training, business articulation, sustainable tourism promotion and international investment.
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  • By 2030, eradicate extreme poverty for all people everywhere, currently measured as people living on less than $1.25 a day
  • By 2030, reduce at least by half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions
  • Implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable
  • By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance
  • By 2030, build the resilience of the poor and those in vulnerable situations and reduce their exposure and vulnerability to climate-related extreme events and other economic, social and environmental shocks and disasters
  • Ensure significant mobilization of resources from a variety of sources, including through enhanced development cooperation, in order to provide adequate and predictable means for developing countries, in particular least developed countries, to implement programmes and policies to end poverty in all its dimensions
  • Create sound policy frameworks at the national, regional and international levels, based on pro-poor and gender-sensitive development strategies, to support accelerated investment in poverty eradication actions
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  • By 2030, eradicate extreme poverty for all people everywhere, currently measured as people living on less than $1.25 a day
  • By 2030, reduce at least by half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions
  • Implement nationally appropriate social protection systems and measures for all, including floors, and by 2030 achieve substantial coverage of the poor and the vulnerable
  • By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance
  • By 2030, build the resilience of the poor and those in vulnerable situations and reduce their exposure and vulnerability to climate-related extreme events and other economic, social and environmental shocks and disasters
  • Ensure significant mobilization of resources from a variety of sources, including through enhanced development cooperation, in order to provide adequate and predictable means for developing countries, in particular least developed countries, to implement programmes and policies to end poverty in all its dimensions
  • Create sound policy frameworks at the national, regional and international levels, based on pro-poor and gender-sensitive development strategies, to support accelerated investment in poverty eradication actions
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Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

Since 2000, there has been enormous progress in achieving the target of universal primary education. The total enrolment rate in developing regions reached 91 percent in 2015, and the worldwide number of children out of school has dropped by almost half.

There has also been a dramatic increase in literacy rates, and many more girls are in school than ever before. These are all remarkable successes.

Progress has also faced tough challenges in developing regions due to high levels of poverty, armed conflicts and other emergencies. In Western Asia and North Africa, ongoing armed conflict has seen an increase in the proportion of children out of school. This is a worrying trend.

While sub-Saharan Africa made the greatest progress in primary school enrolment among all developing regions – from 52 percent in 1990, up to 78 percent in 2012 – large disparities still remain. Children from the poorest households are four times more likely to be out of school than those of the richest households. Disparities between rural and urban areas also remain high.

Achieving inclusive and quality education for all reaffirms the belief that education is one of the most powerful and proven vehicles for sustainable development. This goal ensures that all girls and boys complete free primary and secondary schooling by 2030. It also aims to provide equal access to affordable vocational training, and to eliminate gender and wealth disparities with the aim of achieving universal access to a quality higher education.

Quality education is one of 17 Global Goals that make up the 2030 Agenda for Sustainable Development. An integrated approach is crucial for progress across the multiple goals.

[format] => full_html [safe_value] =>

Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

Since 2000, there has been enormous progress in achieving the target of universal primary education. The total enrolment rate in developing regions reached 91 percent in 2015, and the worldwide number of children out of school has dropped by almost half.

There has also been a dramatic increase in literacy rates, and many more girls are in school than ever before. These are all remarkable successes.

Progress has also faced tough challenges in developing regions due to high levels of poverty, armed conflicts and other emergencies. In Western Asia and North Africa, ongoing armed conflict has seen an increase in the proportion of children out of school. This is a worrying trend.

While sub-Saharan Africa made the greatest progress in primary school enrolment among all developing regions – from 52 percent in 1990, up to 78 percent in 2012 – large disparities still remain. Children from the poorest households are four times more likely to be out of school than those of the richest households. Disparities between rural and urban areas also remain high.

Achieving inclusive and quality education for all reaffirms the belief that education is one of the most powerful and proven vehicles for sustainable development. This goal ensures that all girls and boys complete free primary and secondary schooling by 2030. It also aims to provide equal access to affordable vocational training, and to eliminate gender and wealth disparities with the aim of achieving universal access to a quality higher education.

Quality education is one of 17 Global Goals that make up the 2030 Agenda for Sustainable Development. An integrated approach is crucial for progress across the multiple goals.

) ) ) [field_the_sdgf_work] => Array ( [und] => Array ( [0] => Array ( [value] => SDG Fund’s programmes contributing to SDG 4 [format] => [safe_value] => SDG Fund’s programmes contributing to SDG 4 ) ) ) [field_icon_with_text] => Array ( [und] => Array ( [0] => Array ( [fid] => 296 [uid] => 1 [filename] => E_SDG_Icons-04.jpg [uri] => public://E_SDG_Icons-04.jpg [filemime] => image/jpeg [filesize] => 73321 [status] => 1 [timestamp] => 1450137666 [type] => image [field_file_image_alt_text] => Array ( ) [field_file_image_title_text] => Array ( ) [rdf_mapping] => Array ( ) [title] => [alt] => [metadata] => Array ( [height] => 466 [width] => 466 ) [height] => 466 [width] => 466 ) ) ) [field_the_sdg_fund_response] => Array ( [und] => Array ( [0] => Array ( [value] =>

 The SDG Fund response

By promoting digital education, in collaboration with the  ProFuturo project the SDG Fund is convening partnerships between UN Agencies, governments and the telecommunications industry to better use information technologies to advance SDG4. Affordable, reliable and context-sensitive digital education, can promote equal opportunities for girls and boys and reduce inequalities by ensuring every child has access to high quality content. Digital education technologies improves fundamental skills such as collaboration, problem solving and global awareness. It can easily connect boys and girls from different parts of the world with the possibility of sharing their content with peers living kilometres away. Equally important, learning technology can open future job opportunities.

Education is also central to the SDG Fund programmes to promote gender equality, improve nutrition and create livelihoods opportunities.

For example,

  • In Colombia, the SDG Fund is to improve integration of educational institutions in rural areas through trainings, workshops and a water-themed contest. Despite being designated as a UNESCO Biosphere Reserve, deforestation coupled with the emergence of illicit crops and deregulated agricultural borders of indigenous rural communities have deteriorated the mountainous region and put water resources under pressure. 
  • In Mozambique, an SDG Fund joint programme is improving youth access to quality professional training. Young women and men in remote areas are increasing their prospects to find decent job opportunities within the extractive industries that often hire people from other parts of the country or from abroad.
  • In Sri Lanka, school feeding policies have been revised and new guidelines have been produced to improve the food quality of school canteens.  Manuals, informative fliers and other technical material is being produced together with the Ministry of Education and the Ministry of Women and Child Affairs.
[format] => full_html [safe_value] =>

 The SDG Fund response

By promoting digital education, in collaboration with the  ProFuturo project the SDG Fund is convening partnerships between UN Agencies, governments and the telecommunications industry to better use information technologies to advance SDG4. Affordable, reliable and context-sensitive digital education, can promote equal opportunities for girls and boys and reduce inequalities by ensuring every child has access to high quality content. Digital education technologies improves fundamental skills such as collaboration, problem solving and global awareness. It can easily connect boys and girls from different parts of the world with the possibility of sharing their content with peers living kilometres away. Equally important, learning technology can open future job opportunities.

Education is also central to the SDG Fund programmes to promote gender equality, improve nutrition and create livelihoods opportunities.

For example,

  • In Colombia, the SDG Fund is to improve integration of educational institutions in rural areas through trainings, workshops and a water-themed contest. Despite being designated as a UNESCO Biosphere Reserve, deforestation coupled with the emergence of illicit crops and deregulated agricultural borders of indigenous rural communities have deteriorated the mountainous region and put water resources under pressure. 
  • In Mozambique, an SDG Fund joint programme is improving youth access to quality professional training. Young women and men in remote areas are increasing their prospects to find decent job opportunities within the extractive industries that often hire people from other parts of the country or from abroad.
  • In Sri Lanka, school feeding policies have been revised and new guidelines have been produced to improve the food quality of school canteens.  Manuals, informative fliers and other technical material is being produced together with the Ministry of Education and the Ministry of Women and Child Affairs.
) ) ) [field_targets] => Array ( [und] => Array ( [0] => Array ( [value] =>
  • By 2030, ensure that all girls and boys complete free, equitable and quality primary and secondary education leading to relevant and Goal-4 effective learning outcomes
  • By 2030, ensure that all girls and boys have access to quality early childhood development, care and preprimary education so that they are ready for primary education
  • By 2030, ensure equal access for all women and men to affordable and quality technical, vocational and tertiary education, including university
  • By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs and entrepreneurship
  • By 2030, eliminate gender disparities in education and ensure equal access to all levels of education and vocational training for the vulnerable, including persons with disabilities, indigenous peoples and children in vulnerable situations
  • By 2030, ensure that all youth and a substantial proportion of adults, both men and women, achieve literacy and numeracy
  • By 2030, ensure that all learners acquire the knowledge and skills needed to promote sustainable development, including, among others, through education for sustainable development and sustainable lifestyles, human rights, gender equality, promotion of a culture of peace and non-violence, global citizenship and appreciation of cultural diversity and of culture’s contribution to sustainable development
  • Build and upgrade education facilities that are child, disability and gender sensitive and provide safe, nonviolent, inclusive and effective learning environments for all
  • By 2020, substantially expand globally the number of scholarships available to developing countries, in particular least developed countries, small island developing States and African countries, for enrolment in higher education, including vocational training and information and communications technology, technical, engineering and scientific programmes, in developed countries and other developing countries
  • By 2030, substantially increase the supply of qualified teachers, including through international cooperation for teacher training in developing countries, especially least developed countries and small island developing states
[format] => full_html [safe_value] =>
  • By 2030, ensure that all girls and boys complete free, equitable and quality primary and secondary education leading to relevant and Goal-4 effective learning outcomes
  • By 2030, ensure that all girls and boys have access to quality early childhood development, care and preprimary education so that they are ready for primary education
  • By 2030, ensure equal access for all women and men to affordable and quality technical, vocational and tertiary education, including university
  • By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs and entrepreneurship
  • By 2030, eliminate gender disparities in education and ensure equal access to all levels of education and vocational training for the vulnerable, including persons with disabilities, indigenous peoples and children in vulnerable situations
  • By 2030, ensure that all youth and a substantial proportion of adults, both men and women, achieve literacy and numeracy
  • By 2030, ensure that all learners acquire the knowledge and skills needed to promote sustainable development, including, among others, through education for sustainable development and sustainable lifestyles, human rights, gender equality, promotion of a culture of peace and non-violence, global citizenship and appreciation of cultural diversity and of culture’s contribution to sustainable development
  • Build and upgrade education facilities that are child, disability and gender sensitive and provide safe, nonviolent, inclusive and effective learning environments for all
  • By 2020, substantially expand globally the number of scholarships available to developing countries, in particular least developed countries, small island developing States and African countries, for enrolment in higher education, including vocational training and information and communications technology, technical, engineering and scientific programmes, in developed countries and other developing countries
  • By 2030, substantially increase the supply of qualified teachers, including through international cooperation for teacher training in developing countries, especially least developed countries and small island developing states
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Reduce inequality within and among countries

It is well documented that income inequality is on the rise, with the richest 10 percent earning up to 40 percent of total global income. The poorest 10 percent earn only between 2 and 7 percent of total global income. In developing countries, inequality has increased by 11 percent if we take into account the growth of population.

These widening disparities are a call for action that require the adoption of sound policies to empower the bottom percentile of income earners and promote economic inclusion of all regardless of sex, race or ethnicity.

Income inequality is a global problem that requires global solutions. This involves improving the regulation and monitoring of financial markets and institutions, encouraging development assistance and foreign direct investment to regions where the need is greatest. Facilitating the safe migration and mobility of people is also key to bridging the widening divide.

Reducing inequalities is one of 17 Global Goals that make up the 2030 Agenda for Sustainable Development. An integrated approach is crucial for progress across the multiple goals.

Learn more about the targets for Goal 10.

[format] => full_html [safe_value] =>

Reduce inequality within and among countries

It is well documented that income inequality is on the rise, with the richest 10 percent earning up to 40 percent of total global income. The poorest 10 percent earn only between 2 and 7 percent of total global income. In developing countries, inequality has increased by 11 percent if we take into account the growth of population.

These widening disparities are a call for action that require the adoption of sound policies to empower the bottom percentile of income earners and promote economic inclusion of all regardless of sex, race or ethnicity.

Income inequality is a global problem that requires global solutions. This involves improving the regulation and monitoring of financial markets and institutions, encouraging development assistance and foreign direct investment to regions where the need is greatest. Facilitating the safe migration and mobility of people is also key to bridging the widening divide.

Reducing inequalities is one of 17 Global Goals that make up the 2030 Agenda for Sustainable Development. An integrated approach is crucial for progress across the multiple goals.

Learn more about the targets for Goal 10.

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The SDG Fund response

The SDG Fund programmes undertake situation analysis to understand what inequalities underpin the challenges in the communities and countries where we work. By doing this, the programmes pay special attention to inequalities suffered by women, girls, indigenous people, older people, youth, and those living in geographical isolated communities. Our initiatives take inequalities into account and put into practice solutions to address them, responding to the 2030 Agenda’s mandate of leaving no one behind.

For example,

  • In Tanzania, the SDG Fund is working with the national government to scale-up one of its existing national programmes to reach all the extreme poor living below the food poverty line. In particular, it’s targeting women, children, youth, elderly, people living with disabilities and people living with HIV and AIDS. The programme employs conditional cash transfers, promoting employment through public works programmes, family planning awareness and primary and secondary school education.
  • In Bangladesh, the SDG Fund is working with ultra-poor women, particularly with those who are widowed, divorced or abandoned.  The programme is supporting the most vulnerable households to move out of poverty through public works jobs, education and financial literacy.
  • In Paraguay, the SDG Fund is supporting the government’s efforts to find integrated solutions to undernutrition and to address other health problems faced by indigenous and vulnerable rural households, particularly female-headed ones, to produce nutritious and diversified food production.
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The SDG Fund response

The SDG Fund programmes undertake situation analysis to understand what inequalities underpin the challenges in the communities and countries where we work. By doing this, the programmes pay special attention to inequalities suffered by women, girls, indigenous people, older people, youth, and those living in geographical isolated communities. Our initiatives take inequalities into account and put into practice solutions to address them, responding to the 2030 Agenda’s mandate of leaving no one behind.

For example,

  • In Tanzania, the SDG Fund is working with the national government to scale-up one of its existing national programmes to reach all the extreme poor living below the food poverty line. In particular, it’s targeting women, children, youth, elderly, people living with disabilities and people living with HIV and AIDS. The programme employs conditional cash transfers, promoting employment through public works programmes, family planning awareness and primary and secondary school education.
  • In Bangladesh, the SDG Fund is working with ultra-poor women, particularly with those who are widowed, divorced or abandoned.  The programme is supporting the most vulnerable households to move out of poverty through public works jobs, education and financial literacy.
  • In Paraguay, the SDG Fund is supporting the government’s efforts to find integrated solutions to undernutrition and to address other health problems faced by indigenous and vulnerable rural households, particularly female-headed ones, to produce nutritious and diversified food production.
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  • By 2030, progressively achieve and sustain income growth of the bottom 40 per cent of the population at a rate higher than the national average
  • By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status
  • Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regard
  • Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equality
  • Improve the regulation and monitoring of global financial markets and institutions and strengthen the implementation of such regulations
  • Ensure enhanced representation and voice for developing countries in decision-making in global international economic and financial institutions in order to deliver more effective, credible, accountable and legitimate institutions
  • Facilitate orderly, safe, regular and responsible migration and mobility of people, including through the implementation of planned and well-managed migration policies
  • Implement the principle of special and differential treatment for developing countries, in particular least developed countries, in accordance with World Trade Organization agreements
  • Encourage official development assistance and financial flows, including foreign direct investment, to States where the need is greatest, in particular least developed countries, African countries, small island developing States and landlocked developing countries, in accordance with their national plans and programmes
  • By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent
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  • By 2030, progressively achieve and sustain income growth of the bottom 40 per cent of the population at a rate higher than the national average
  • By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status
  • Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regard
  • Adopt policies, especially fiscal, wage and social protection policies, and progressively achieve greater equality
  • Improve the regulation and monitoring of global financial markets and institutions and strengthen the implementation of such regulations
  • Ensure enhanced representation and voice for developing countries in decision-making in global international economic and financial institutions in order to deliver more effective, credible, accountable and legitimate institutions
  • Facilitate orderly, safe, regular and responsible migration and mobility of people, including through the implementation of planned and well-managed migration policies
  • Implement the principle of special and differential treatment for developing countries, in particular least developed countries, in accordance with World Trade Organization agreements
  • Encourage official development assistance and financial flows, including foreign direct investment, to States where the need is greatest, in particular least developed countries, African countries, small island developing States and landlocked developing countries, in accordance with their national plans and programmes
  • By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent
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Economic growth has to be inclusive to ensure the wellbeing of the entire population. Inclusive growth requires full respect for human rights.

Inclusive growth generates decent jobs, gives opportunities for all segments of society, especially the most disadvantaged, and distributes the gains from prosperity more equally.

The first priority is to create opportunities for good and decent jobs and secure livelihoods for all. This will make growth inclusive and ensure that it reduces poverty and inequality. Better government policies, fair and accountable public institutions, and inclusive and sustainable business practices are essential parts of a Post-2015 agenda.

A second priority is to strive constantly to add value and raise productivity. Some fundamentals will accelerate growth everywhere:

  • Skills development
  • Supportive policies towards micro, small, and medium enterprises
  • The capacity to innovate and absorb new technologies
  • The ability to produce a higher quality and greater range of products
  • Infrastructure and other investments

Third, countries must establish a stable environment that enables business to flourish. Business wants a level playing field and to be connected to major markets. It also wants a simple regulatory framework that makes it easy to start, operate, and close a business. Small and medium firms that employ the most people are especially restricted by complicated regulations that can breed corruption.

Fourth, in order to bring new prosperity and new opportunities, growth must also usher in new ways to support sustainable consumption and production. It must also enable sustainable development.

The SDG Fund response

The SDG Fund supports initiatives that tackle inclusive growth from a multisectoral perspective and address the following dimensions:

  1. Create opportunities for good and decent jobs and secure livelihoods
  2. Support inclusive and sustainable business practices
  3. Promote better government policies and fair and accountable public institutions

For example:

  • In Mozambique, Sierra Leone and Ivory Coast, the SDG Fund will work with mineral extractive industries to generate economic growth and opportunities for the whole population. For example, in Mozambique, analysis indicates that the 5 largest projects in the country with an invesment of USD $3.4 billion, will generate only 33,000 direct jobs.
  • In Bangladesh and in Tanzania, the SDG Fund will contribute to the construction of the social protection systems and universal social safety nets, with special attention to the poorest women.
  • In Honduras the SDG-F will support the generation of income through the revitalization of the Lenca culture and the development of sustainable tourism micro businesses in the area, led by youth and women.
  • The armed conflict in Colombia has damaged production, institutions, food security, and social trust. Through the sustainable agricultural production of indigenous crops and their international commercialization, the SDG-F will create employment, ways of life, better nutrition, and, most importantly, peace in Cauca - one of the zones most affected by the long lasting conflict.
  • In Peru the SDG Fund will contribute to establishing an inclusive value chain in the production of quinoa and other Andean grains, so that the increase of demand in the international market can convert into economic and social improvements of currently vulnerable producers.



Current SDG Fund inclusive economic growth for poverty eradication programmes:

CountryProgramme TitleParticipating UN AgenciesTotal Budget  ($)
BangladeshStrengthening Women’s Ability for Productive New Opportunities (SWAPNO)UNDP,  ILO

4,613,000

ColombiaProductive and food secured territories for a peaceful and resilient population in strategic ecosystems in CaucaUNDP, UN Women, FAO, WFP

3,281,152

EthiopiaGender Equality and Women Empowerment - Rural Women Economic EmpowermentUN Women, FAO, IFAD, WFP

3,000,000

HondurasPromotion of Culture and Tourism for Local Development in Ruta LencaUNDP, UN Women

2,919,427

Côte d'Ivoire

Poverty reduction in San Pedro region

UNDP, FAO, UNICEF, UNFPA

3,310,000

MozambiqueMore and better jobs in Cabo Delgado province and Nampula province - Harnessing the opportunities of the New Economy in MozambiqueILO, UNDP, UNIDO, UN Women

3,000,000

occupied Palestinian territoryCreating one-stop-shop to create sustainable businesses” on Inclusive Economic Growth.UN Women, FAO, ITC

3,000,000

Peru

Economic Inclusion and Sustainable Development of Andean Grain producers in rural areas of extreme poverty in Ayacucho and PunoILO, FAO, UNESCO

3,880,790

Sierra LeoneEnabling Sustainable Livelihoods Through Improved Natural Resource Governance and Economic Diversification in the Kono District, Sierra LeoneUNDP, FAO

3,002,000

TanzaniaJoint programme to support Tanzania’s Productive Social Safety Nets (PSSN)UNDP, UNICEF, UNFPA, ILO

4,358,250

 

Total

34,364,619

Previous programmes:

Two of the MDG-F thematic windows encouraged practices related with inclusive growth, especially providing opportunities for the most vulnerable: youth, employment and migration and private sector and development. Some programmes on culture and development also tried to boost the economic potential of cultural industries to create livelihoods. Lessons learned from these programmes have been translated into a broader perspective on inclusive growth as a means of poverty reduction. 

[summary] => [format] => full_html [safe_value] =>

Economic growth has to be inclusive to ensure the wellbeing of the entire population. Inclusive growth requires full respect for human rights.

Inclusive growth generates decent jobs, gives opportunities for all segments of society, especially the most disadvantaged, and distributes the gains from prosperity more equally.

The first priority is to create opportunities for good and decent jobs and secure livelihoods for all. This will make growth inclusive and ensure that it reduces poverty and inequality. Better government policies, fair and accountable public institutions, and inclusive and sustainable business practices are essential parts of a Post-2015 agenda.

A second priority is to strive constantly to add value and raise productivity. Some fundamentals will accelerate growth everywhere:

  • Skills development
  • Supportive policies towards micro, small, and medium enterprises
  • The capacity to innovate and absorb new technologies
  • The ability to produce a higher quality and greater range of products
  • Infrastructure and other investments

Third, countries must establish a stable environment that enables business to flourish. Business wants a level playing field and to be connected to major markets. It also wants a simple regulatory framework that makes it easy to start, operate, and close a business. Small and medium firms that employ the most people are especially restricted by complicated regulations that can breed corruption.

Fourth, in order to bring new prosperity and new opportunities, growth must also usher in new ways to support sustainable consumption and production. It must also enable sustainable development.

The SDG Fund response

The SDG Fund supports initiatives that tackle inclusive growth from a multisectoral perspective and address the following dimensions:

  1. Create opportunities for good and decent jobs and secure livelihoods
  2. Support inclusive and sustainable business practices
  3. Promote better government policies and fair and accountable public institutions

For example:

  • In Mozambique, Sierra Leone and Ivory Coast, the SDG Fund will work with mineral extractive industries to generate economic growth and opportunities for the whole population. For example, in Mozambique, analysis indicates that the 5 largest projects in the country with an invesment of USD $3.4 billion, will generate only 33,000 direct jobs.
  • In Bangladesh and in Tanzania, the SDG Fund will contribute to the construction of the social protection systems and universal social safety nets, with special attention to the poorest women.
  • In Honduras the SDG-F will support the generation of income through the revitalization of the Lenca culture and the development of sustainable tourism micro businesses in the area, led by youth and women.
  • The armed conflict in Colombia has damaged production, institutions, food security, and social trust. Through the sustainable agricultural production of indigenous crops and their international commercialization, the SDG-F will create employment, ways of life, better nutrition, and, most importantly, peace in Cauca - one of the zones most affected by the long lasting conflict.
  • In Peru the SDG Fund will contribute to establishing an inclusive value chain in the production of quinoa and other Andean grains, so that the increase of demand in the international market can convert into economic and social improvements of currently vulnerable producers.

Current SDG Fund inclusive economic growth for poverty eradication programmes:

CountryProgramme TitleParticipating UN AgenciesTotal Budget  ($)
BangladeshStrengthening Women’s Ability for Productive New Opportunities (SWAPNO)UNDP,  ILO

4,613,000

ColombiaProductive and food secured territories for a peaceful and resilient population in strategic ecosystems in CaucaUNDP, UN Women, FAO, WFP

3,281,152

EthiopiaGender Equality and Women Empowerment - Rural Women Economic EmpowermentUN Women, FAO, IFAD, WFP

3,000,000

HondurasPromotion of Culture and Tourism for Local Development in Ruta LencaUNDP, UN Women

2,919,427

Côte d'Ivoire

Poverty reduction in San Pedro region

UNDP, FAO, UNICEF, UNFPA

3,310,000

MozambiqueMore and better jobs in Cabo Delgado province and Nampula province - Harnessing the opportunities of the New Economy in MozambiqueILO, UNDP, UNIDO, UN Women

3,000,000

occupied Palestinian territoryCreating one-stop-shop to create sustainable businesses” on Inclusive Economic Growth.UN Women, FAO, ITC

3,000,000

Peru

Economic Inclusion and Sustainable Development of Andean Grain producers in rural areas of extreme poverty in Ayacucho and PunoILO, FAO, UNESCO

3,880,790

Sierra LeoneEnabling Sustainable Livelihoods Through Improved Natural Resource Governance and Economic Diversification in the Kono District, Sierra LeoneUNDP, FAO

3,002,000

TanzaniaJoint programme to support Tanzania’s Productive Social Safety Nets (PSSN)UNDP, UNICEF, UNFPA, ILO

4,358,250

 

Total

34,364,619

Previous programmes:

Two of the MDG-F thematic windows encouraged practices related with inclusive growth, especially providing opportunities for the most vulnerable: youth, employment and migration and private sector and development. Some programmes on culture and development also tried to boost the economic potential of cultural industries to create livelihoods. Lessons learned from these programmes have been translated into a broader perspective on inclusive growth as a means of poverty reduction. 

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Economic growth is critical for poverty eradication.
Yet, an expanding economy does not mean that everyone benefits equally.

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Economic growth is critical for poverty eradication. Yet, an expanding economy does not mean that everyone benefits equally.

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Over the past 10 years, intensity of financial deepening and access to financial services has increased. Both banks and microfinance institutions have contributed to higher intensity. A recent study shows that around 40% of the adult population and 75% of households have access to financial services in Bangladesh. Several factors may have contributed. Proactive regulatory policies and expanded financial literacy are the major determinants. In this paper, regulatory policies have been evaluated and the effect of financial literacy on financial inclusion has been examined empirically. Our analysis suggests that the regulatory agencies in Bangladesh have formulated policies for promoting financial inclusion and creating investment opportunities for micro and small firms in particular. Our empirical evidence, based on household-level data, shows that the intensity of financial literacy in Bangladesh is moderate, and it has a positive impact on inclusive finance. These findings warrant more emphasis on increasing financial literacy for access to finance and informed investment decisions. [format] => [safe_value] => Like in many other countries, inclusive finance for inclusive growth has become a policy issue in Bangladesh following the global financial crisis in 2008. Over the past 10 years, intensity of financial deepening and access to financial services has increased. Both banks and microfinance institutions have contributed to higher intensity. A recent study shows that around 40% of the adult population and 75% of households have access to financial services in Bangladesh. Several factors may have contributed. Proactive regulatory policies and expanded financial literacy are the major determinants. In this paper, regulatory policies have been evaluated and the effect of financial literacy on financial inclusion has been examined empirically. Our analysis suggests that the regulatory agencies in Bangladesh have formulated policies for promoting financial inclusion and creating investment opportunities for micro and small firms in particular. Our empirical evidence, based on household-level data, shows that the intensity of financial literacy in Bangladesh is moderate, and it has a positive impact on inclusive finance. These findings warrant more emphasis on increasing financial literacy for access to finance and informed investment decisions. ) ) ) [field_year] => Array ( [und] => Array ( [0] => Array ( [value] => 2016-01-01 00:00:00 [timezone] => America/New_York [timezone_db] => America/New_York [date_type] => datetime ) ) ) [field_publication_keywords] => Array ( ) [field_publisher] => Array ( [und] => Array ( [0] => Array ( [value] => ADB [format] => [safe_value] => ADB ) ) ) [field_region] => Array ( [und] => Array ( [0] => Array ( [target_id] => 260 [entity] => stdClass Object ( [vid] => 1020 [uid] => 1 [title] => Asia [log] => [status] => 1 [comment] => 1 [promote] => 0 [sticky] => 0 [nid] => 260 [type] => region [language] => en [created] => 1450896508 [changed] => 1450896508 [tnid] => 260 [translate] => 0 [revision_timestamp] => 1450896508 [revision_uid] => 1 [rdf_mapping] => Array ( [rdftype] => Array ( [0] => sioc:Item [1] => foaf:Document ) [title] => Array ( [predicates] => Array ( [0] => dc:title ) ) [created] => Array ( [predicates] => Array ( [0] => dc:date [1] => dc:created ) [datatype] => xsd:dateTime [callback] => date_iso8601 ) [changed] => Array ( [predicates] => Array ( [0] => dc:modified ) [datatype] => xsd:dateTime [callback] => date_iso8601 ) [body] => Array ( [predicates] => Array ( [0] => content:encoded ) ) [uid] => Array ( [predicates] => Array ( [0] => sioc:has_creator ) [type] => rel ) [name] => Array ( [predicates] => Array ( [0] => foaf:name ) ) [comment_count] => Array ( [predicates] => Array ( [0] => sioc:num_replies ) [datatype] => xsd:integer ) [last_activity] => Array ( [predicates] => Array ( [0] => sioc:last_activity_date ) [datatype] => xsd:dateTime [callback] => date_iso8601 ) ) [name] => sysadmin [picture] => 0 [data] => a:2:{s:7:"contact";i:0;s:7:"overlay";i:1;} ) [access] => 1 ) ) ) [field_thumb] => Array ( [und] => Array ( [0] => Array ( [fid] => 2103 [uid] => 1 [filename] => adbi-wp621-1.jpg [uri] => public://adbi-wp621-1.jpg [filemime] => image/jpeg [filesize] => 26623 [status] => 1 [timestamp] => 1488958414 [type] => image [field_file_image_alt_text] => Array ( ) [field_file_image_title_text] => Array ( ) [rdf_mapping] => Array ( ) [title] => [alt] => [metadata] => Array ( [height] => 841 [width] => 595 ) [height] => 841 [width] => 595 ) ) ) [field_featured] => Array ( ) [field_file_fr] => Array ( ) [field_file_ar] => Array ( ) [field_file_pt] => Array ( ) [field_file_es] => Array ( ) [field_external_link] => Array ( [und] => Array ( [0] => Array ( [value] => https://www.adb.org/sites/default/files/publication/215806/adbi-wp621.pdf [format] => [safe_value] => https://www.adb.org/sites/default/files/publication/215806/adbi-wp621.pdf ) ) ) [field_external_link_text] => Array ( [und] => Array ( [0] => Array ( [value] => External Link [format] => [safe_value] => External Link ) ) ) [rdf_mapping] => Array ( [rdftype] => Array ( [0] => sioc:Item [1] => foaf:Document ) [title] => Array ( [predicates] => Array ( [0] => dc:title ) ) [created] => Array ( [predicates] => Array ( [0] => dc:date [1] => dc:created ) [datatype] => xsd:dateTime [callback] => date_iso8601 ) [changed] => Array ( [predicates] => Array ( [0] => dc:modified ) [datatype] => xsd:dateTime [callback] => date_iso8601 ) [body] => Array ( [predicates] => Array ( [0] => content:encoded ) ) [uid] => Array ( [predicates] => Array ( [0] => sioc:has_creator ) [type] => rel ) [name] => Array ( [predicates] => Array ( [0] => foaf:name ) ) [comment_count] => Array ( [predicates] => Array ( [0] => sioc:num_replies ) [datatype] => xsd:integer ) [last_activity] => Array ( [predicates] => Array ( [0] => sioc:last_activity_date ) [datatype] => xsd:dateTime [callback] => date_iso8601 ) ) [name] => Library Manager 1 [picture] => 0 [data] => a:2:{s:7:"contact";i:0;s:7:"overlay";i:1;} [entity_view_prepared] => 1 ) [#items] => Array ( [0] => Array ( [value] => https://www.adb.org/sites/default/files/publication/215806/adbi-wp621.pdf [format] => [safe_value] => https://www.adb.org/sites/default/files/publication/215806/adbi-wp621.pdf ) ) [#formatter] => text_plain [0] => Array ( [#markup] => https://www.adb.org/sites/default/files/publication/215806/adbi-wp621.pdf ) [#description] => Please enter the full URL, e.g. http://www.example.com [#printed] => 1 )