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CEO of the Private Infrastructure Development Group (PIDG)
“PIDG is delighted to see this initiative established in Pakistan. InfraZamin presents a significant opportunity for Pakistan to finance the critical infrastructure needed to fuel economic growth, and to help shape a sustainable and inclusive future.”
“We see significant potential for InfraZamin to crowd-in underused pockets of liquidity in Pakistan’s financial markets, as a specialised credit enhancement facility focused on infrastructure. PIDG companies GuarantCo and InfraCo Asia bring with them deep expertise and significant infrastructure and credit enhancement capabilities that will help InfraZamin unlock these opportunities.”
“Karandaaz is delighted to be the anchor sponsor of InfraZamin Pakistan. Our partners, GuarantCo and InfraCo Asia, bring international knowledge and experience of leveraging private capital for infrastructure finance. It is our aim to introduce innovations which enhance the depth of markets and breadth of financial offerings in Pakistan. We feel that this is in direct alignment with Karandaaz’s vision of establishing strategic platforms that are essential for unlocking investments in underlying sectors that have inadequate access to finance.”
“GuarantCo, also AAA PACRA rated, is proud to have jointly developed the ground-breaking InfraZamin initiative with InfraCo Asia. The Islamic financing market has a growing appetite for safe asset classes which can act as an alternative to investing in sovereign securities. InfraZamin will be a gamechanger for the country in the balanced development of Pakistan’s capital markets and the wider economy.”
MESSAGE FROM OUR SPONSORS
InfraZamin Pakistan is an innovative, for-profit credit enhancement facility funded with equity capital from InfraCo Asia Investments and Karandaaz Pakistan. As a first-of-its-kind in Pakistan, InfraZamin was conceived and designed after an extensive market study with GuarantCo as the contingent capital provider. InfraZamin leverages the prior experience of InfraCo Asia and GuarantCo in supporting infrastructure projects in Pakistan, as well as Karandaaz’s local market knowledge and track record of investments focused on supporting financial inclusion.
InfraZamin aims to become a catalyst for greater private sector participation in long term local currency financing of infrastructure in Pakistan, thereby assisting with social and economic development objectives.
To address market failures in financing of credit worthy infrastructure projects via credit enhancement of local currency debt instruments in Pakistan.
InfraZamin Pakistan has been assigned long term rating of AAA “(Triple A)” and short term rating of A1+ “(A One Plus)” by Pakistan Credit Rating Agency (PACRA). The ratings are driven by strong sponsors, robust capital structure and an experienced management team. This will lead to capital charge savings for the potential lenders, under Prudential Regulations governed by the State Bank of Pakistan.
SBP circular notifying the inclusion of InfraZamin in ANNEXURE-I OF PRUDENTIAL REGULATIONS FOR CORPORATE/ COMMERCIAL BANKING.
The Private Infrastructure Development Group (PIDG) is an innovative infrastructure development and finance organisation which encourages and mobilises private investment in pioneering infrastructure in the frontier markets of sub-Saharan Africa and south and south-east Asia to promote economic development and combat poverty. PIDG delivers its ambition in line with its values of opportunity, accountability, safety, integrity and impact. Since 2002, PIDG has supported 171 infrastructure projects to financial close which provided an estimated 217 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Germany and the IFC www.pidg.org
PIDG TA can provide technical assistance and capital grants to the PIDG Companies to meet a range of needs associated with an infrastructure project’s lifecycle. PIDG TA can also provide up-front viability gap funding grants to support PIDG projects that require concessional funding to make a project with strong development impact financeable. To find out more visit: www.pidg.org
InfraCo Asia’s portfolio spans 12 countries in South and Southeast Asia. InfraCo Asia provides early-stage development capital and expertise to catalyse sustainable infrastructure projects in the region’s emerging and frontier markets.
Every US$ 1 invested mobilizes capital of US$ 9.7 in the private sector.
Approx. 2.6 M people with new or improve infrastructure access*
More than 3,500 jobs created
US$784.5 M of private sector capital has been mobilised to date
* Based on projects in operation and under construction
KARANDAAZ PAKISTAN is a not-for-profit special purpose vehicle set up under Section 42 in August 2014. Karandaaz is the implementation partner of the Enterprise and Asset Growth Programme (EAGR) of the UK’s Foreign, Commonwealth & Development Office (FCDO). Karandaaz promotes access to finance for micro, small and medium-sized businesses through a double bottom line investment platform and financial inclusion for individuals by employing technology-enabled solutions.
PKR 43.1 Billion MSME financing leveraged via Karandaaz supported facilities*
PKR 59.9 Billion additional revenue generated by Karandaaz supported SMEs
PKR 2.1 Billion spent on digital financial services
PKR 468 Million capital injected in 75 women-led small enterprises***
*Includes Karandaaz share in both debt and equity instruments
* * Includes 824,000 micro-enterprises and 820,000 jobs supported through Pakistan Microfinance Investment Company (PMIC)
* * * Includes growth capital, COVID support, and business development support provided through technical assistance
GuarantCo has a portfolio consisting of 19 countries and two multi-country projects in Africa and Asia. GuarantCo was established in 2005 to mobilise local currency credit solutions for infrastructure projects and to support the development of capital markets in lower income countries.