KARACHI: United Nations Development Programme (UNDP) in partnership with IBA’s Center for Entrepreneurial Development (IBA-CED) and JS bank conducted the finale of the SDGs Innovative Financing Challenge Cup to promote sustainable and climate-resilient businesses in Pakistan.
In line with the United Nations Day of Micro, Small, and Medium-sized Enterprises (UN MSMEs Day), the initiative also underscored UNDP, JS Bank, and IBA’s commitment to supporting MMEs in Pakistan.
This first-of-its-kind initiative, the SDGs Innovative Financing Challenge Cup aims to pioneer a unique blended financing approach combining a public-private partnership to identify and support climate-resilient projects tackling social and environmental challenges aligned with the Sustainable Development Goals (SDGs).
The SDGs Innovative Financing Challenge Cup attracted over 200 applications across the country. Through a rigorous selection process, 30 SMEs and projects were shortlisted, and participated in capacity-building workshops.
This workshop equipped participants with valuable skills in areas like product design, financial planning, and marketability and SDGs related blended financing.
Following the workshop, the competition intensified as the 30 projects were further narrowed down to the top 10 finalists.
The event finale culminated in the announcement of the winning projects, chosen by a panel of evaluators from UNDP Pakistan, JS Bank, and IBA.
The top four SME’s & Projects received a unique blend of financial support – a combination of grants from UNDP Pakistan followed by financing from JS Bank to propel their impactful solutions forward.
The event welcomed a diverse audience of over 350 attendees, including students from IBA and other universities, vocational training institutes, startups, along with representatives from IBACED, JS Bank, UNDP Pakistan and Business Incubation Centers (BICs)
Ammara Durrani, Assistant Resident Representative, Development Policy Unit, UNDP Pakistan, said, “This initiative marks a significant milestone, as it is the first time that such blended financing is being offered”.
Dr. Lalarukh Ejaz, Director CED welcomed the guests and participants and briefed about the project and shared that “the collaboration between UNDP, JS Bank, and IBA CED to organize an SDGs Innovative Finance Challenge Cup, aimed at encouraging entrepreneurs with SDG-aligned projects to pitch their innovative solutions”.
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