BII & Finnfund invests in Pakistan's Kashf Foundation

UK’s development finance institution and impact investor, British International Investment (BII) alongside Finnfund has announced their ongoing support towards one of the leading microfinance institutions of Pakistan, Kashf Foundation (Kashf) on March 14, 2024.

Kashf Foundation has received a total of $25 million US dollars from both the firms amongst which BII has given $15 million US dollars and finnfund has given $10 million US dollars.

After the initial investments by BII and finnfund in the year 2021, the foundation has gained a reputation of being Pakistan’s largest distributor of microinsurance solutions and in addition to the fundings, Kashf has also introduced health insurance products that are dedicated to aid underserved women who did not have access to insurance earlier.

Managing Director of Kashf Foundation, Roshaneh Zafar said a statement, “Investing in women's economic empowerment not only enhances their earning potential but also has far-reaching effects on their families and communities. When women succeed in generating income, they often prioritize education for their children, thus laying the groundwork for future generations.”

She continued, “This creates a positive cycle of empowerment that reshapes gender dynamics and fosters stronger communities. Moreover, ensuring access to health insurance through social safety nets is essential from a woman's perspective, ensuring their well-being and contributing to overall societal stability.”

BII’s Regional Director for South Asia, Habib Yousuf stated, “Access to finance for micro-enterprises in Pakistan has increasingly become more difficult given local macroeconomic challenges. It is even more challenging for underbanked women-owned businesses. As UK’s DFI, BII is proud to continue to provide much needed funding alongside Finnfund to Kashf for financing female business owners which is also aligned with the government’s priority of reducing gender inequality in financial services.” 

Moreover, Antti Partanen, Finnfund’s Investment Manager said, “Kashf has successfully built a distinct and unique niche for itself in the microfinance sector. We started our partnership in 2021, we have been impressed by the impact of both the financial and non-financial services that Kashf offers and with the addition of insurance products, they can now further strengthen the safety nets of low-income households and especially those of women.”

This investment from BII and Finnfund shows their dedication towards fostering inclusive society for pakistan’s women. Kashf Foundations initiative has been committed to women in the locality and these investments shall turn their commitment even stronger.