Using its recycled plastic Shell Pakistan builds road in Karachi
Shell Pakistan introduces a plastic infused road in Karachi by recycling discarded Shell lubricant bottles. The organisation collaborated with start-up BRR Enterprises and local authority District Municipal Corporation, South to construct the road, which helps reduce plastic waste materials and promote environment friendly practices.
Over 2.5 tonnes of discarded Shell lubricant bottles were recycled for the construction of a 730 feet long and 60 feet wide road on which Shell House is located in Karachi. The discarded Shell lubricant’s plastic bottles were incorporated in the construction of the asphalt road using the dry process method, reducing plastic waste. Plastics pose threat to nature by being non-biodegradable and toxic.
According to research, a simple plastic bag can take up to 500 years to decompose while a plastic bottle can take around 300 years.
Plastic roads offer higher flexibility, durability and a lifespan almost three times longer than regular roads. Moreover, the construction materials for regular roads are more expensive, whereas plastics are practically free, taking down construction costs by several folds. The innovation is considerably more sustainable. And most importantly it contributes to helping our social problem of plastic waste.
The Chief Executive and Managing Director of Shell Pakistan Limited, Waqar Siddiqui, inaugurated the newly built road in Karachi and stated, “This is the first time we have used our discarded lubricants bottles to make a road and I’m amazed to see the result. This innovative method helps reduce plastic waste and can provide an environmentally friendly option for future infrastructure projects in Pakistan. Innovative solutions such as this need to be tried and tested, and I hope will be adopted to contribute to building a cleaner society.”
Shell provides energy in a responsible way: we aim to limit any impact on the environment and support the transition towards a lower-carbon future. We recognise the importance of climate change, along with our role in helping people to achieve and maintain a good quality of life.
Deal with IMF ending uncertainty swiftly: Mian Zahid Hussain
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on July 7 that after the staff level agreement with the IMF, the uncertainty is ending quickly.
The public and investors have breathed a sigh of relief and the situation will improve further with Pakistan getting $1.1 billion after the deal is ratified by the board of the lender, he said.
Mian Zahid Hussain said that taking advantage of the respite from this agreement, all the necessary reforms should be implemented without delay to correct the direction of the economy.
Talking to the business community, the veteran business leader said that reforms have become necessary as the debt burden of the country has increased greatly and inflation is also high, which has troubled the people.
The business leader said that the financial condition of the government is improving and IPPs have been paid 140 billion rupees, which has reduced the concerns of investors in this sector and improved the overall situation.
Meanwhile, coal is becoming cheaper in the global market, which is reducing the production cost of all coal-using sectors, including power plants and cement manufacturers.
The industries using coal should pass on benefit of reduced prices to the masses without any delay, he said, adding that the prices of coal has come down by 77 percent since March 2022.
He noted that reducing power tariff will provide relief to the masses and business community, while cheaper cement will activate the construction sector.
Mian Zahid Hussain said that due to the reduction in foreign loans, the government has decided to borrow 11 trillion rupees locally during July, August, and September in order to run the country.
This will increase the debt burden and increase the cost of debt servicing from 7000 billion rupees to 9000 billion rupees.
Mian Zahid Hussain said that there is an urgent need to privatise failed government institutions, increase the tax base and eliminate power losses to save Pakistan from economic collapse.
Schneider Electric and energy research centre COMSATS University to drive microgrid solutions
Schneider Electric, the leader in digital transformation of energy management and automation, and Pakistan’s leading Centre for energy research and development
Energy Research Centre (ERC) COMSATS University, signed a Letter of Intent (LoI) to optimise energy performance, reduce consumption, and train young energy specialists to accelerate sustainable energy transition under “Access to Energy Programme” in Pakistan.
At Schneider Electric we are leading the way with our sustainability initiatives, and as an Impact company, our purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. The Access to Energy Program seeks to ensure access to clean, affordable, reliable and sustainable energy solutions, to improve the lives and livelihoods of people and stimulate economic development through energy access.
Under the partnership, ERC will identify and collaborate on initiatives that leverage on Schneider Electric’s industry-leading expertise and innovation in sustainability, decarbonisation, and microgrid controller solutions and ERC’s proven capabilities in research, developing, deploying, operating and maintaining renewable energy generation systems. Schneider Electric will be ERC’s key technological partner for microgrid solutions under “Access to Energy Programme”.
Schneider Electric’s Country President for Pakistan, Humayun Akhlaq said, “We are excited to extend our collaboration with Energy Research Centre COMSATS University as this LoI will move us forward in realising our shared vision of a country that is decarbonised, digitised, and decentralised. Our technology and industry expertise will unlock new opportunities to accelerate the energy transition and contribute to Pakistan’s sustainability goals – and empower remote communities to help lead the energy transition. I am proud of this collaboration and excited to see a more sustainable future for all.”
COMSATS University’s Additional Registrar, Dr. Rashid A. Khan, said, “We are so pleased to join hands with Schneider Electric, recognised as a leader for microgrid technology and sustainability to better respond to the country’s energy needs, under this partnership we will provide studies regarding baseload power solutions to the areas of the country with the greatest need. Our partnership is guided by the combined philosophy and belief in clean energy, innovation, and sustainability – these values are exemplified through our LoI with Schneider Electric.”
The LoI builds on the successful partnership between Schneider Electric and ERC COMSATS University to modernise the energy grid in Pakistan. Schneider Electric is providing the microgrid controller solution to improve the efficiency and reliability of the system.
Microgrids are self-containing electrical networks which integrate on-site energy sources such as solar, allowing hosts to generate electricity on-site and use it as and when needed, independent of the status of the country’s utility grid. Organisations of all kinds are turning towards microgrids and distributed energy resources for financial and sustainability benefits.
Pakistan must adopt a culture of export, savings: Mian Zahid
Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on July 5 that the previous government’s efforts to develop the economy resulted in a payment crisis and this will happen again in the future.
Our growth depends entirely on imports rather than exports, always leading to an unsustainable current account deficit, he said.
Mian Zahid Hussain said that it is necessary to foster a culture of exports and savings in the country to ensure development without current account deficit.
Talking to the business community, the veteran business leader said that GDP growth on a sustainable basis is impossible until the current savings rate is doubled.
The savings rate in Congo is 61.4 per cent, in Singapore it is 53.8 per cent, in the United Arab Emirates the savings rate is 47.8 per cent, in China it is almost 44.9 per cent and in India and Bangladesh it is between 30 and 31 per cent, he informed.
However, in Pakistan this rate is only 12 per cent which is rapidly decreasing due to current inflation and unemployment, he said.
Mian Zahid Hussain said that in 2007-2008, the growth rate was 4.4 per cent while the current account deficit was fourteen billion dollars.
In 2010-2011, the current account was moved to a modest surplus by reducing imports, bringing the growth rate down to 3.2 per cent.
In 2012-13 too, the growth rate was reduced to 3.9 per cent to bring the current account under control. The situation was somewhat better from 2013 to 2018, but in 2017-18, the growth rate was increased to 6.1 per cent, resulting in a current account deficit of $19.2 billion.
The PTI government raised the growth rate to 6.1 per cent, but for this, imports were increased to 80 billion dollars, resulting in a current account deficit of 18 billion dollars, which resulted in the worst financial crisis, which the masses are still braving.
By restricting imports and sacrificing GDP, the current government narrowed the current account deficit to $3.3 billion in the first ten months from $13.7 billion in the first ten months of last year.
The business leader further said that overseas Pakistanis send $27 to 30 billion to their loved ones and relatives in Pakistan every year, which is Rs 8 to 9 thousand billion per year in the local currency.
Because there is no culture of investing through savings in the country, this amount is consumed, leading to inflation and the government has to take foreign loans for investment.
Mian Zahid Hussain said that it is very important to further promote exports and foreign remittances along with savings. One of the reasons for the situation in Pakistan is the unbridled consumption of the wealthy classes which either they have to control or the government has to take measures to control it otherwise the situation will never improve.
AlHuda CIBE is enthused to host 5th Global Takaful and Re-Takaful Forum in Dubai, UAE
5th Edition of Global Takaful and Re-Takaful forum is a Reflection of AlHuda CIBE Consistency and Desire for the Growth of Takaful Industry Globally; Muhammad Zubair
5th Global Takaful and Re-Takaful Forum announced by AlHuda Centre of Islamic Banking and Economics (CIBE) the leading consultancy and advisory company across the globe on 19th September 2023. The objective of this forum is to create awareness about takaful and its significance for the risk management of human life and financial institutions through Shariah legitimate modes. Takaful is a very important pillar for the development Islamic finance industry.
AlHuda CIBE is playing an active role in the growth of the Takaful Industry in Asia, Africa and CIS region. This forum will create a platform for the industry players to share their experiences and best practices. This forum will also be celebrating awards among the Takaful industry best practices globally.
The agenda of the forum is based on present day practices of takaful industry, takaful portfolio, product line, product innovation, marketing strategies, risk management, actuarial services, Shariah legitimacy, future prospects of the industry and re-takaful. It will also be followed by a two days post event workshop based on operational and practical aspects of the Takaful, Re-takaful, micro-takaful, and Banca-takaful on 20th – 21st September 2023. The post event workshop is a value addition for the capacity building related to the takaful industry practices.
Muhammad Zubair Mughal Chief Executive Officer AlHuda Centre of Islamic Banking and Economics said this is the 5th edition of Global Takaful and Re-Takaful Forum, from the last 4years AlHuda CIBE is organizing this Forum with kind support of industry players. He also said that we are inviting insurance, and a takaful industry to participate in this platform. AlHuda CIBE has specialized working arm Takaful Consultancy Wing for the consultancy and advisory of institutional set-up as window operation within classical insurance company, full-fledge takaful company set-up, and transformation of classical company to takaful company, business plan and feasibility study, market research and product development, capacity building and global networking.
Jubilee Life Insurance Felicitates Pakistan Contingent for Remarkable Performance at the Special Olympics World Games, Berlin 2023
Jubilee Life Insurance proudly congratulated the Pakistani squad for their outstanding achievements at the Special Olympics World Games 2023 held in Berlin. The athletes showcased their extraordinary talents and determination, securing a total of 80 medals, including 11 gold, 29 silver, and 40 bronze, placing Pakistan among the top-performing nations in the global event.
Jubilee Life Insurance extends its heartfelt congratulations to each athlete who participated in the Special Olympics World Games. Their exceptional performances, unwavering spirit, and dedication have brought immense pride and joy to the nation. The athletes have demonstrated that with commitment and perseverance, one can overcome any obstacle and achieve greatness.
Commenting on the remarkable feat, Farhan Faridi, Group Head – Retail Operations, Marketing and Administration, Jubilee Life Insurance said, “We are extremely proud of the Pakistani squad’s remarkable performance in Berlin. Their achievements highlight the power of inclusion and the incredible abilities of individuals with special abilities. At Jubilee Life Insurance, we are dedicated to creating an inclusive society that embraces diversity and empowers individuals to reach their full potential. We congratulate the athletes, their families, and coaches on this well-deserved success.”
The Company also commended the exceptional and tireless efforts of Ronak Lakhani, Chairperson Special Olympics Pakistan, and her team for their invaluable contributions that enabled the contingent to achieve such remarkable success and paved the way for this outstanding achievement. Their dedication and unwavering support played a pivotal role in nurturing and empowering the athletes, allowing them to excel in their respective events.
Xenith PR announces Raheel Nabi as the new Director and Chief Executive
Xenith Public Relations (Private) Limited, a leading full-service communications agency in Pakistan, has announced the appointment of Raheel Nabi as its new Director and Chief Executive. Zainab Ansari, founder of Xenith PR, will be taking on the role of the organization’s Chairperson.
In his new role, Raheel will be responsible for overseeing all aspects of Xenith PR’s operations, including client management, business development, and strategic planning. He will also be the key force in leading the agency towards expansion within the country and strengthening its position in the industry.
Sharing her views on the announcement, Zainab Ansari said: “I am proud to be presenting Raheel as the new Director and Chief Executive of Xenith PR today. He has been with us for over a decade and has risen from within the organization’s ranks to taking charge of the agency today. This will mark a new chapter in the company’s growth and success, and I have full faith in his abilities to build upon our strong foundation and drive the agency to even greater heights”.
Raheel Nabi is an award-nominated marketing & communications expert, with over 13 years of local and international experience and expertise in Digital Marketing, Client Communications, and Project Management. Raheel has been affiliated with Xenith PR since 2012, starting from the agency’s digital wing and moving up the ranks to his previously assigned role of Chief Disruption Officer.
“I am absolutely honored to lead Xenith PR into its next phase of growth and success. Zainab Ansari has built an incredible organization, respected by all businesses and business leaders, across all industries, alike, and I am committed to continuing forward her legacy of professional excellence. As we look towards expanding our operations and reach, our core focus will always remain on driving innovation and delivering value to our clients, across the communications framework” said Raheel Nabi upon his assuming of the new title.
TPL Maps – Helping Pakistani businesses curb mobility woes with Hyper-Localized Data Solutions
As technology advances, so does the way we use and interact with our applications. One of the biggest advances in recent years has been the rise of cloud-based mobility solutions. These solutions enable businesses to access and use mapping data more efficiently and cost-effectively.
Cloud-based mobility solutions can also reduce costs while facilitating mobility complexity. For example, companies are creating mobile order solutions that use mapping apps to let their B2B clients sell directly to end customers and also provide access to information when they are not connected to the internet.
In addition, cloud-based mobility solutions are also used in various other industries, such as transportation and logistics, real estate, and emergency services. Delivery companies have been using digital mapping apps and hyper-localized data to optimize their routes while optimizing fuel consumption. Whereas, real estate agents use mapping to give virtual tours to potential buyers.
TPL Maps, a company dedicated to developing in-house digital mapping solutions that offer comprehensive local routes on par with international players, is making headlines with its recent launch.
Combining various data sources, such as traffic patterns, demographics, and satellite imagery, into a single platform is another benefit of cloud-based mobility solutions. That makes it possible to get a complete picture of a place and spot trends and patterns that might not have been visible otherwise, it simplifies the process of accessing and analyzing data.
By providing location data for over 380 cities in Pakistan covering more than 95% of the country, TPL Maps can help businesses in the FSI industry target their marketing efforts more effectively and identify new business opportunities. In addition, TPL Maps has a vast route system of more than 850,000+ km of roads and 140,000+ boundaries, which can help logistics companies improve delivery times, reduce fuel cost and increase customer satisfaction. The data collection includes over 400,000 cartographic data points, which can be used in various applications, from detailed and accurate maps for navigation and planning to advanced research and analysis.
“TPL Maps has been an incredible partner in helping us streamline our delivery operations,” said Ammar Azhar, CTO and CFO of KFC Pakistan. “TPL’s mapping solutions have significantly improved our efficiency, enabling us to deliver our finger-lickin’ good with ease. Apart from an efficient product, TPL’s team is always available to provide support and act as business partners. We highly recommend TPL Maps for any business looking to optimize their logistics and enhance customer satisfaction.”
Location data is so complex in Pakistan that you find different aspects of things on every corner of the street or village. TPL Maps’ location data provides a wealth of information that can be used to better understand the geographic landscape and make informed decisions.
“Our goal is to save people the precious time they would typically spend at local grocery stores,” said Kassim Shroff, CEO and co-founder of Krave Mart. “Achieving this requires not only providing an exceptional experience but also implementing top-notch systems. Partnering with TPL Maps will undoubtedly enhance the value we offer through our service. We recognize the immense potential and opportunity in this market, and we are fully committed to executing our plans meticulously and delivering on our promises.”
With the current FOREX crunch and state bank restrictions, businesses in the country need to look for reliable local alternatives and it’s high time the economy and its solutions grow from within before the system collapses.
According to Sarwar Ali Khan, CEO of TPL Maps, Given the volatility in Pakistan’s economy, it was inevitable that the State Bank of Pakistan would enforce restrictions to limit or control the number of dollars being remitted abroad. Many local businesses using location APIs from international companies have been burdened with exchange limits as a result of these restrictions, impacting business operations and profitability. TPL Maps, on the other hand, provides a hyper-localized substitute with technology that is developed in-house and fully customizable giving clients more flexibility. Also, as we are present for on-ground facilitations which gives us an advantage over foreign competitors.
In the current economic situation, locally manufactured technology solutions for services like delivery, ride-hailing, and digital mapping services will uplift Pakistan’s economy, businesses, and the general public.
Sarsabz Fertilizers shines bright at the Pakistan Digital Awards 2023
Sarsabz Fertilizers has once again emerged triumphant at the highly acclaimed Pakistan Digital Awards 2023. The company has secured three prestigious awards which is the highest number for any company this year.
The Pakistan Digital Awards, known for recognizing excellence in digital marketing and innovation bestowed the awards of “Best Social Media Influencer Communication for Salam Kissan”, “Best Web Series of the Year for Sarsabz Kahani” and “Best Innovative App for Sarsabz Asaan”.
This year’s success at the Pakistan Digital Awards further solidifies Sarsabz Fertilizers’ reputation as a trailblazer in the digital realm. The company’s iconic campaign, ‘Salam Kissan’ which has consistently been recognized and celebrated since 2020 continues to captivate audiences and industry experts alike. The campaign has already secured four awards to date (Best Digital Campaign 2020, Best Digital Campaign on Tiktok 2021, and Best Digital Campaign on Snack Video 2022) showcasing its enduring impact and effectiveness.
The award for “Best Social Media Influencer Communication” for Salam Kissan acknowledges the campaign’s ability to leverage social media platforms and effectively engage with the target audience while the recognition of “Best Web Series of the Year” for Sarsabz Kahani highlights the company’s commitment to storytelling and digital content creation. The web series, with its engaging narrative and informative content, has not only entertained but also educated viewers about the agricultural industry and the vital role played by Sarsabz Fertilizers.
Additionally, the accolade for the “Best Innovative Mobile App” for Sarsabz Asaan reflects the company’s dedication to technological advancements and user-friendly solutions. It’s an innovative mobile app that provides comprehensive solutions to our customers, since its launch Sarsabz has achieved a remarkable milestone of accumulating PKR 100 billion+ in sales through this app.
Rabel Sadozai, the Director of Sales and Marketing at Fatima Fertilizer said, “We are honored to receive these awards at the Pakistan Digital Awards 2023. This recognition underscores our relentless pursuit of excellence and our commitment to innovation in the digital landscape and we are grateful to our dedicated team and valued stakeholders for their unwavering support.”
Sarsabz Fertilizers remains at the forefront of the industry; consistently delivering impactful digital campaigns and embracing cutting-edge technologies. The company’s continuous success at the Pakistan Digital Awards is a testament to its visionary leadership, creative prowess and steadfast dedication to serving the agricultural community.
Jubilee Life Insurance Honored with Best Social Media Campaign (Facebook) for Cricket at the Pakistan Digital Awards Ceremony 2023
Jubilee Life Insurance, Pakistan’s largest private sector insurance company has once again aced at the esteemed Pakistan Digital Awards 2023. The insurance company was honored with the Best Social Media Campaign( Facebook) for Cricket, making them recipient of the Pakistan Digital Award for the fifth consecutive year.
This award celebrates Jubilee Life Insurance’s remarkable achievements in digital marketing for its innovative and engaging Facebook campaign during HBLPSL 7. Leveraging the power of social media, Jubilee Life Insurance has engaged cricket enthusiasts, fans, and the wider community. The award was received by the brand and agency team of Jubilee Life Insurance.
Commenting on the recognition, Farhan Faridi, Group Head – Retail Operations, Marketing & Administration, stated, “We are immensely proud to be honoured once again at the Pakistan Digital Awards. These awards are a testament to our commitment to revolutionize the insurance industry through our innovative products and creative marketing efforts. We at Jubilee Life Insurance strive to deliver the best in everything we do, and our digital solutions play a crucial role in enhancing our customers’ experience. Winning these awards for five consecutive years is a testament to the dedication and passion of our team.”
The Pakistan Digital Awards are renowned for identifying and honouring brands that demonstrate unique and out-of-the-box ideas. Each nomination undergoes a rigorous evaluation process, guided by the strict and transparent criteria set by the Pakistan Digital Association. The campaigns are carefully assessed to ensure that they effectively reach and engage with the intended audience.
InfraZamin Pakistan, Kashf Foundation and Arif Habib Limited launch Pakistan’s first ‘AAA’ rated, PKR 2.5 billion, fully Guaranteed ‘Gender Bond’ for bond capital market investors.
InfraZamin Pakistan, a licensed NBFI and credit guarantee provider and Kashf Foundation a Section 42 company and licensed microfinance institution have signed an agreement to bring Pakistan’s first “Gender Bond” to institutional capital market investors. The “Gender Bond” is a subsequently listed privately placed term finance certificate whose proceeds will go towards enhancing Kashf’s portfolio towards lending exclusively to women to develop micro-infrastructure which includes rural area school construction, flood rehabilitation of damaged homes and expansion of women-led micro businesses. As such the Gender Bond fully subscribes to the Guidelines of Gender Bond issuance by Securities and Exchange Commission of Pakistan (SECP) which are based on the UN Sustainable Development Goals and UN Women’s principles for women empowerment. Arif Habib Capital serves as the ‘Arranger’ for this bond.
This 3-year Gender Bond will raise PKR 2.5 billion under an initial private placement and subsequent OTC listing to capital market investors thereby making it eligible for a large number of capital market participants. The bond carries an InfraZamin credit guarantee of 100% of the principal amount of the bond and partial guarantee for the interest instalments. The Bond is credit rated ‘AAA’ long term and ‘A1+’ by PACRA and attractively priced at 3-month Kibor + 1.50pc spread. The InfraZamin guarantee is irrevocable and unconditional which means that in the event of any credit event InfraZamin will pay all amounts as covered by the guarantee facility.
This first-of-its-kind Gender Bond will allocate all of its proceeds via Kashf’s microfinance lending portfolio to exclusively support ~30,000 women from low-income households to develop micro- infrastructure. Kashf Foundation has a rich 25 year history of supporting women and women led businesses from its microfinance platform and has over 700,000 active women clients. Since its inception Kashf has disbursed over 6.6 million loans to women micro-entrepreneurs. Bond proceeds are expected to boost Kashf’s balance sheet and provide much needed commercial capital to women from an underprivileged stratum to pursue entrepreneurial aspirations, rehabilitate homes and expand schools and small businesses. Such lending will help women achieve financial independence, develop financial capacity and contribute towards Pakistan’s economic growth and productivity.
This first-ever Gender Bond will not only foster inclusivity and diversity but also contribute to the development of the bond capital markets. InfraZamin’s 100% principle guarantee and partial interest guarantee provides complete comfort and protection to investors against default/credit risk and will play a vital role in crowding in private institutional investor capital to augment Kashf Foundation’s balance sheet.
Recent SECP amendments have also facilitated this risk mitigation by allowing 85% exemption to NBFC’s for exposures against InfraZamin’s guarantees (similar to the State Bank of Pakistan’s exposure exemptions to commercial banks) along with other areas of support for mutual funds as well.
Commenting on the occasion, Maheen Rahman, CEO – InfraZamin Pakistan, said, “We are excited to the part of the first Gender Bond transaction in Pakistan and grateful to Kashf Foundation for their pioneering vision towards their long history of enabling women empowerment. As a country which sits near the bottom of the Gender Equity Index this transaction marks a significant leap forward in raising commercial capital directed to female empowerment and financial inclusion and represents an important milestone in the development and growth of the capital market. This transaction also demonstrates the power of using guarantees and credit enhancement facilities to enable a crowding in of private institutional investment into private sector led projects.
Commenting on the occasion, Roshaneh Zafar, Managing Director – Kashf Foundation, said, “Collaboration between Kashf Foundation and InfraZamin will not only be a significant leap forward for the financial sector but will also accelerate the process of creating financial opportunities for women entrepreneurs by introducing the first-ever Gender Bond in the capital market of Pakistan. Expanding access to affordable finance for more women-led businesses will create employment opportunities and fuel sustainable economic growth in the country. It is hoped this initiative will encourage other organizations and stakeholders to prioritize the economic potential and aspirations of women. This transaction will open up new avenues of investors for the microfinance sector particularly the Non profit MFIs. Kashf Foundation is hoping to work with diverse universe of investors and providing them with the opportunities to indirectly support the agenda of Financial Inclusion in the country.”
Commenting on the occasion, CEO Arif Habib Limited, Mr. Shahid Ali Habib stated: ” Arif Habib Limited is pleased to launch the first of its kind AAA Rated ‘Gender Bond’ in Pakistan being issued by Kashf Foundation and fully guaranteed by InfraZamin. The proceeds will be utilized for economic empowerment and financial inclusion of women in Pakistan which is essential for Pakistan’s sustainable development. We are delighted that InfraZamin Pakistan is taking the lead in promoting private sector infrastructure projects and is acting as a Guarantor providing complete risk protection to bondholders of Kashf Foundation. ”
Kashf Foundation, InfraZamin Pakistan and Arif Habib Limited are grateful to the support and facilitation extended to them by the Securities Exchange Commission of Pakistan (SECP) to enable the launch of this new product for Pakistan’s bond markets.
The Gender Bond has already been launched in the marketing phase and hopes to complete the subscription by July subject to all requisite approvals from the SECP.