Under a new commitment with UK’s Foreign, Commonwealth and Development Office (FCDO), Karandaaz is offering financing to Pakistan’s SME sector through its Sustainable Energy and Economic Development (SEED) programme. Karandaaz will invest over £15 million to promote renewable energy generation and efficiency measures in Pakistani businesses. The SEED programme will work with firms, businesses, and financial institutions to demonstrate the financial viability of enhancing investments in clean energy and energy efficiency improvements.
According to a latest World Bank study, more than 75% of Pakistani firms cite energy provision as a major constraint to growth. Where available, electricity provision is costly and inefficient, lowering competitiveness of industry and services. Daily load shedding and large leakages in the distribution system mean manufacturing firms cite access to electricity amongst the top obstacles to growth. The SEED Programme will help bridge the financing gap and enable the emergence of sustainable and efficient energy for Pakistan’s private sector, resulting in more vibrant and economically friendly cities, more competitive businesses and more jobs all leading to Pakistan moving closer to its targets as set under SDGs.
According to Global Competitiveness Report, energy shortage has directly impeded Pakistan’s ability to compete in international markets for Pakistan’s export sector. Widespread use of renewable energy and energy efficiency is yet to kick off. 17% of the energy utilised in Pakistan could be saved through energy conservation and efficiency measures, which according to some estimates is equivalent to two hours of power supply each day.
For further inquiries, and in case you want to solicit financing for your SME and Financial Institution under SEED programme, write to us at: firstname.lastname@example.org