Aga Khan Foundation and KfW Development Bank Partner to Boost Entrepreneurial Culture in Pakistan
ISLAMABAD: KfW Development Bank and the Aga Khan Foundation (AKF), in collaboration with Aga Khan Rural Support Programme (AKRSP) and Accelerate Prosperity (AP) have formalized their partnership to support entrepreneurial culture in Pakistan. The agreement, signed today at the AKF office, marks the official launch of the “Start-up Pakistan” initiative. This groundbreaking project is expected to lead to improved job creation, innovation and economic resilience with a transformative impact on the entrepreneurial landscape of Pakistan.
Earlier in the day, KfW mission, including Mr. Stephan Opitz – Member Management Committee, Dr. Bianca Clausen – Director Afghanistan, Pakistan, Iraq Cluster and Mr. Sebastian Jacobi – Director KfW Pakistan, visited the National Science and Technology Park (NSTP) housed at National University of Science and Technology (NUST) to gain insights into Pakistan’s burgeoning start-up ecosystem. The delegation met with various green and technology-driven start-ups to understand the entrepreneurial landscape and identify areas where the collaboration could make the most significant impact.
Start-up Pakistan, a €10 million initiative funded by the German Government through KfW, aims to support start-up entrepreneurs by building capacities and models, developing business networks and secured tailored capital for businesses with a special focus on youth and women entrepreneurs. Over the next five years, the project will support start-ups in diverse sectors such as education, health technology, sustainable tourism, and green building, prioritizing businesses that promote digitization and environmental sustainability.
Speaking on the occasion, Dr. Clausen emphasized the importance of this collaboration: “We are thrilled to work alongside AKF and other key partners to strengthen Pakistan’s start-up ecosystem. This initiative will create opportunities for youth and women to innovate and build sustainable businesses, contributing to the economic well-being of communities across the country.”
Akhtar Iqbal, CEO AKF, Pakistan added that, “With Pakistan’s economic challenges and climate vulnerabilities, we are thrilled to embark on this flagship initiative to create an enabling environment for start-ups and businesses to grow and scale. AKF is excited to strengthen its decades long partnership with Germany which remains amongst our top partners in the country.”
The agreement signed today cements the commitment of both KfW and AKF to foster job creation, innovation, and sustainable growth in Pakistan. By targeting pre-revenue and post-revenue start-ups, this project aims to create over 2,500 direct jobs and support 1,500 entrepreneurs, 50% of whom will be women and youth. It also contributes to Pakistan’s alignment with the United Nations’ Sustainable Development Goals (SDGs), particularly SDG 8 for Decent Work and Economic Growth and SDG 5 for Gender Equality.
