- Web Desk
- 24 Minutes ago
Women empowerment: First-ever gender bond launched
- Web Desk
- Dec 02, 2023
KARACHI: Pakistan has launched the first-ever South Asian gender bond worth Rs2.5 billion at the country’s stock market, taking the lead in financially empowering women through disbursing the fund and beating the leading economies on the front in the region.
The gender bond will provide economic opportunities to marginalised women, gaining access to education and healthcare facilities among other socio-economic upgradation and expedite the drive for financial inclusion.
The government has demonstrated a steadfast commitment to advancing gender equality in Pakistan, aligning with both the country’s constitutional principles and its international obligations.
Kashf Foundation, CFO, Shahzad Iqbal said they have raised Rs2.5 billion from investors, including financial institutions like mutual funds and pension funds. “Financial institutions’ contribution stands at 50% in the fund.”
This is a three-year term finance certificate (TFC). “We will disburse financing from the fund to women only “at an interest rate of 20%.”
This will not only allow women in the flood-hit areas to rebuild their homes, but working women will also be able to acquire financing through microfinance institution (Kashf) throughout Pakistan.
They will only need to provide a copy of their CNIC (identity card) and that is enough to avail the financing.
The funds’ units will be available for trade among the general public at the PSX in about a month’s time.