Islamabad, August 27, 2024 — In a first-of-its-kind collaboration in South Asia, Proparco, Karandaaz Pakistan, and Parwaaz Financial Services Ltd have joined forces to enhance access to finance for women-led businesses and early-stage green technology ventures in Pakistan. This strategic partnership aims to empower those who are traditionally underserved by the conventional financial system, particularly those deemed less creditworthy.
The partnership was officially announced at a signing ceremony in Islamabad, where key stakeholders and industry experts gathered to discuss the critical role of finance in fostering gender equality and supporting climate-friendly innovations. The French Deputy Head of Mission, Mr. Guillaume Dabouis, expressed the French Embassy’s support, emphasizing the alignment of this initiative with France’s commitment to sustainable economic development and gender equality in Pakistan.
“The French Embassy in Pakistan is proud to support this partnership between Proparco and Karandaaz, which aligns with our commitment to fostering sustainable economic development and gender equality in Pakistan,” said Mr. Dabouis.
Proparco’s contribution to this partnership includes providing a credit risk guarantee to bolster the Karandaaz Women Ventures and GreenFin Innovations programs. These initiatives are designed to scale up financial access for women entrepreneurs and green-tech startups, thereby addressing key gaps in the market.
The ceremony also featured a panel discussion on “The Role of Finance and Supporting Mechanisms to Strengthen the Market for Gender and Climate Finance.” The discussion, moderated by Ms. Aysha Johnson, Senior Private Sector Development Adviser and Team Leader at the Foreign, Commonwealth & Development Office (FCDO), highlighted the challenges and opportunities in financing gender and climate initiatives.
Prominent figures who contributed to the discussion included Mr. Ammar Habib Khan, CFA, FRM, CEO of National Credit Guarantee Company Limited (NCGCL); Ms. Zainab Saeed, Gender Expert and Team Lead at the Asian Development Bank; Ms. Sadaf Mateen, Co-Founder and CEO of The Circle; and Syed Ali Naqi, Co-Founder of Concept Loop.
The agreement was signed by Mr. Waqas ul Hasan, CEO of Karandaaz; Ms. Diane Jegam, Regional Director of Proparco South Asia; and Mr. Javed Iqbal, CEO of Parwaaz Financial Services Ltd. This landmark partnership is expected to create a robust ecosystem that supports the growth of women-led businesses and green technologies, contributing to a more inclusive and sust
