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The Bangko Sentral ng Pilipinas (BSP) on Thursday said it signed a grant facility agreement worth 700,000 Euros or P41.3 million with the Agence Française de Développement (French Development Agency) to increase capacities for financial inclusion, especially among rural and women-owned enterprises.

“In line with our organization’s strategic objectives to support financial systems and fight social and economic inequalities, the project that will result from this cooperation will contribute to the country’s efforts to promote access to quality financial services for all, including the most vulnerable part of the population,” AFD Country Director Laurent Klein in a statement said.

The grant will fund technical assistance programs to support efforts to leverage technology for effective regulation on digital finance, promote digital finance literacy of rural and women-owned businesses, and contribute to public policy dialogue on agriculture insurance, the BSP said.

“This endeavor demonstrates our organizations’ shared commitment to advance financial inclusion in the country through responsible digital innovations. The BSP looks forward to a fruitful collaboration with AFD as we implement the program in the next five years,” BSP Governor Benjamin Diokno said.

French Ambassador Michèle Boccoz, meanwhile said, this is a new “milestone” in the bilateral relationship of France and the Philippines.

Agence Française de Développement or the French Development Agency implements France’s policy on international development on solidarity. It supports NGOs and the public sector through financing, research and publications.