The logo of the World Bank. PHOTO: AFP
Of the total amount, $2 million is equity commitments from Startup Catalyst, the IFC’s global programme that backs accelerators and seed funds in emerging markets, said an IFC statement.
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It added that through this initiative, the corporation supports start-ups that provide innovative solutions to development problems and create quality jobs.
The remaining $500,000 is from the Women Entrepreneurship Finance Initiative (We-Fi), a partnership among governments, multilateral development banks and other public and private sector stakeholders, hosted by the World Bank Group. We-Fi supports women entrepreneurs in developing countries by building their capacity, scaling up access to financial products and services, and providing links with domestic and global markets.
“Pakistan offers a unique opportunity with its improving stability, large, young population, rising middle class, fast-growing internet and smartphone penetration, and a dearth of venture capital in the ecosystem,” said Sarmayacar Founder Rabeel Warraich.
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“This marks the first such investment from the World Bank Group in Pakistan and will enable us to back more start-ups in the country, while also providing access to a global network, new markets and domain expertise to our portfolio companies,” she added.
According to the statement, there is an emerging vibrant ecosystem for start-ups in Pakistan. IFC’s entry into venture financing in the country is expected to catalyse follow-on funding from existing and external limited partners, it added.
Published in The Express Tribune, August 1st, 2019.
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