LONDON, Oct. 03, 2022 (GLOBE NEWSWIRE) — The EURO 9.4 million funding facility for Kashf Foundation was originated, structured, and negotiated by Emerging Markets Global Advisory LLP (EMGA), the emerging market investment bank.
Speaking on the transaction, Mr Shahzad Iqbal, CFO of Kashf Foundation said, “Kashf Foundation is registered as a Non-Banking Micro Finance Company regulated by the Securities and Exchange Commission of Pakistan. Set up in 1996 as the first specialized microfinance institution of Pakistan it began its operations as a Grameen replicator and since then, Kashf has successfully carved out a distinct and unique niche for itself in the microfinance sector in Pakistan by offering a suite of innovative and transformative products and services to low-income households especially for women. It has a current outreach of over 600,00+ female borrowers across its 360+ branches with a GLP of USD 90+ million.”
“Just to share that it has always been a pleasure working with EMGA on new transactions to expand our network and outreach. This is the first ever transaction that we are doing with BIO and that too, in Euros. I believe BIO and Kashf will work together and build a strong relationship to increase the financial inclusion in Pakistan and particularly for women. This transaction will help Kashf Foundation to expand its outreach not only in its existing operational areas but also in the new geographical regions across Pakistan.”
Emerging Markets Global Advisory LLP (EMGA)’s Managing Director and Head of Investment Banking Sajeev Chakkalakal said, “It has been a pleasure to continue our long-term partnership with Kashf Foundation and deliver this new financing solution despite the volatile economic environment both within Pakistan as well as globally.” Also commentating on the transaction, Emerging Markets Global Advisory Limited (EMGA)’s Managing Director Jeremy Dobson said, “It was a real pleasure to work with Kashf Foundation again on this latest transaction and help support their female micro-entrepreneur client base.”
Frédéric Vereecke, Investment Officer from the Belgian Investment Company for Developing countries (BIO) commented, “We welcome the opportunity to support Kashf Foundation in empowering women and their families by providing quality financial services to low-income households in Pakistan.”
Kashf Foundation is registered as a Non-Banking Micro Finance Company regulated by the Securities and Exchange Commission of Pakistan. Set up in 1996 as the first specialized microfinance institution of Pakistan it began its operations as a Grameen replicator and since then, Kashf has successfully carved out a distinct and unique niche for itself in the microfinance sector in Pakistan by offering a suite of innovative and transformative products and services to low-income households especially women.
Belgian Investment Company for Developing countries (BIO) supports a strong private sector in developing and emerging countries, to enable them to gain access to growth and sustainable development within the framework of the Sustainable Development Goals. They achieve this by investing in small and medium-sized enterprises, financial institutions, and infrastructure projects, contributing to socio-economic growth in developing countries.
Emerging Markets Global Advisory Limited (EMGA), with offices in New York and London helps financial institutions and corporates that seek new debt or equity capital. EMGA provides its services, to clients within many of the worlds rapidly developing economies, including Pakistan. With a proven track record in capital formation and strategic advisory throughout diverse economic cycles, EMGA continues to expand its geographic reach and service offering, as they solidify their place in the market as one of the industries preeminent emerging markets focused investment banks.
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