Proparco Finances Kashf Foundation's Microfinance Activities
LAHORE, (UrduPoint / Pakistan Point News - 28th Feb, 2018 ) :Proparco, subsidiary of Agence Francaise de Developpement (AFD), here Wednesday signed a US$ 5 million loan to Kashf Foundation (KF) microfinance institution.
This operation illustrates Proparco and Kashf Foundation's commitment to financial inclusion and women empowerment in developing and emerging countries. The KF having over 350,000 women clients, is the first microfinance institution to be certified 'Smart Campaign' and recipient of the prestigious European 'Microfinance and Access to education' prize in 2016.
The Foundation extends support to female entrepreneurs and its gender awareness programmes granted to the spouses and children of its clients. Besides this loan, Proparco would also co-finance a technical assistance programme intended to further support Kashf's activities.
"The Kashf Foundation has illustrated microfinance's potential to empower women economically and socially.
The KF founder and Managing Director Roshaneh Zafar was of the view that this contract was an important step towards achieving their mission of empowering females, support job creation, income generation and creating a gender equitable society.
With underemployment on the rise and a burgeoning population, she said, it was imperative to collaborate on investing in the capacity and livelihoods of women in Pakistan and contribute to stability in the region.
Proparco representative mentioned that Proparco had been a long-term supporter of microfinance institutions in order to develop financial inclusion in developing and emerging countries. In 2016 alone, Proparco's loans and investments were estimated to have allowed two million people be microcredit beneficiaries.