FINCA International Assures Support to Pakistan's Microfinance Sector
Pakistan, May, 16 2014 -
FINCA International, the world’s leading microfinance organisation, has assured its commitment to developing Pakistan’s economy through the growth of the country’s microfinance sector.
A high-level delegation from FINCA International, including the Global CEO & President, Rupert Scofield, Chairperson of the Board and Regional Director for Middle East and South Asian, Zar Wardak, and FINCA Pakistan’s CEO, Mudassar Aqil, visited Islamabad and held meetings with high-level government dignitaries.
The delegation met with Chairman Privatization Commission Mr. Mohammad Zubair, Chairman Board of Investment (BoI) Dr. Miftah Ismail Ahmad, and Federal Finance Secretary Dr. Waqar Masood. The meetings came as part of FINCA’s efforts as one of the biggest investors in Pakistan’s microfinance sector, to help empower the ‘lowest income entrepreneurs’ in the country. The delegation applauded the Pakistan government in creating a regulatory environment that is among the best globally for developing the microfinance sector.
They further discussed what steps could be taken to help alleviate poverty in the country through enabling the poor to create sustainable streams of income. Founded in 1985, FINCA now serves more than one million clients in 23 countries throughout Africa, Eurasia, Latin America, the Middle East, and South Asia, including Pakistan. In May of 2013, FINCA acquired majority shareholding in Kashf Microfinance Bank Limited, one of Pakistan’s premier microfinance banks. The bank in its new incarnation as FINCA Microfinance Bank Ltd has brought innovative financial solutions to Pakistan to help alleviate poverty through job creation.