BII Renews Pledge To Back Clean Energy & Financial Inclusion In Pakistan

The British International Investment (BII) celebrating 35 years of investing in Pakistan renewed the pledge to support clean energy initiatives and financial inclusion in the country

ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Jan, 2023 ):The British International Investment (BII) celebrating 35 years of investing in Pakistan renewed the pledge to support clean energy initiatives and financial inclusion in the country.

A business reception was held at the British Deputy High Commission in Karachi to celebrate 35 years of investing in Pakistan, said a news release here.

The reception was hosted by BII CEO Nick O'Donohoe, and British Deputy High Commissioner to Karachi Sarah Mooney and the Director of Trade Pakistan.

Business leaders and key stakeholders in Pakistan including Ali H Shirazi (Atlas Solar), Ali Muktar (Fatima Gobi Ventures), Roshaneh Zafar (Kashf Foundation), Danish Iqbal (Gul Ahmed Metro) and many more also attended reception.

On the occasion, Sarah Mooney said it had been a pleasure to host BII today, an organisation which had provided consistent support to Pakistan's economy over the last 35 years and was now needed more than ever.

The BII's investment in key strategic areas had strengthened UK-Pakistan economic cooperation by delivering economic growth and creating jobs, she added.

"BII's current focus on the renewable energy sector and climate solutions will assist Pakistan to build inclusive prosperity, sustainable growth and a greener economy," she remarked.

In his speech at the reception, Nick O'Donohoe highlighted that Pakistan's renewable energy sector would remain an important strategic investment focus for the BII. With $185 million invested in Pakistan's renewable energy infrastructure, the DFI's capital supported wind, solar and hydropower projects with a total operational capacity of 462 Megawatts (MW).

"We are delighted to mark the start of this year's celebration, in a country where we have established strong and successful partnerships for over three decades.

We have a clear ambition to invest in climate change solutions, environment-positive innovations and renewable power projects in Pakistan," Nick O'Donohoe remarked.

He said these investments would support Pakistan to build their resilience and adapt to the impact of climate change.

Furthermore, he said they would not only deliver clean, reliable and affordable energy, but also improve standards of living for households and uplift communities with a potential to transform the entire country.

BII's first investment in Pakistan dates back to 1988 when it backed leading companies including Engro Chemicals, Fauji Fertilizer and Hub Power. Today, the UK's Development Finance Institution (DFI) has investments and commitments of over $350 million in more than 10 businesses in the country.

Investments of the DFI span several high-impact sectors such as financial services, infrastructure, food and agriculture, and Pakistan's growing venture capital market.

Pakistan is a priority market for the BII where it sees considerable opportunities for its patient and flexible capital to be deployed at scale to support the private sector that helps to deliver economic growth by creating jobs and improving access to goods and services that benefit communities.

To help bridge the financing gap for private sector businesses, the BII will continue to back local financial institutions that expand access to finance for promising entrepreneurs and local businesses that are contributing to inclusive and productive economic growth.

British International Investment has an office in Karachi, which is headed by Habib Yousuf, BII Regional Director for South Asia.