Maheen Rahman appointed as CEO of first-of-its-kind, PKR 12.4bn credit enhancement facility InfraZamin Pakistan

Dec 7, 2020

Following an extensive search and competitive selection process, the stakeholders of InfraZamin Pakistan, namely Karandaaz Pakistan, and the Private Infrastructure Development Group (PIDG) companies InfraCo Asia Investments and GuarantCo, have appointed Ms Maheen Rahman as the company’s Chief Executive Officer. Ms Rahman, whose appointment as InfraZamin CEO will take effect on 1 January 2021, brings with her over twenty years of experience in investment banking, research and asset management.

A recently launched initiative of PIDG, InfraZamin Pakistan is an innovative, for-profit credit enhancement facility developed by GuarantCo in partnership with PIDG’s financial advisor Cardano Development. InfraZamin Pakistan will be funded with PKR 4.125bn (approx. USD 25m) equity capital from InfraCo Asia Investments and Karandaaz Pakistan, provided by the United Kingdom’s Foreign, Commonwealth and Development Office (FCDO), and a contingent capital facility of up to PKR 8.25bn (approx. USD 50m) from GuarantCo.

InfraZamin aims to fill current gaps in the local credit markets in order to catalyse greater private sector participation in long-term, local currency financing of infrastructure in Pakistan. InfraZamin will do so by providing guarantees to enhance the credit quality of local currency debt instruments which finance creditworthy infrastructure projects in Pakistan across sectors including renewable energy, digital communications, water and wastewater treatment, social infrastructure (such as affordable housing, hospitals) and more.

By reducing credit risk, InfraZamin’s guarantees are expected to ‘crowd-in’ private sector capital to boost much needed investments in infrastructure and add to the sophistication of Pakistan’s financial architecture. Pakistan currently spends only 2.1% of its GDP on infrastructure, leading to a widening infrastructure deficit. The additional investments unlocked by InfraZamin are expected to support economic growth, create jobs and improve access to essential infrastructure such as housing, clean energy and clean water supply for underserved populations in Pakistan.

Prior to her appointment as InfraZamin Pakistan’s CEO, Ms Maheen Rahman served as the Chief Executive of Alfalah GHP Investment Management where, under her leadership, Alfalah Investments has grown to be one of the largest asset management companies in Pakistan. Ms Rahman brings a diverse range of experience and a deep familiarity with Pakistan’s capital markets and the financial sector.

On her appointment, Ms Maheen Rahman said

InfraZamin represents a new opportunity for greater development of innovative solutions for infrastructure financing in Pakistan. I am excited to be able to lead this initiative and contribute towards socially responsible infrastructure development that seeks to have a positive impact on communities and the country

. Ms Rahman assumes the role as CEO of InfraZamin Pakistan subject to the approval of the Securities & Exchange Commission of Pakistan (SECP).

Incorporated as a private limited company, InfraZamin will operate on a commercial basis guided by international best practices and local governance standards. Its Board of Directors will include representatives of InfraCo Asia Investments (through Indus Guarantees), Karandaaz, and GuarantCo.

Read about the launch here.

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