British International Investment (BII) celebrates 35 years of investing in Pakistan at a business reception at the British Deputy High Commission in Karachi on Tuesday. Pakistan is the first country that the UK’s development finance institution (DFI) is visiting to mark its 75th anniversary.
BII’s first investment in Pakistan dates back to 1988 when it backed leading companies including Engro Chemicals, Fauji Fertilizer and Hub Power. Today, the DFI has investments and commitments of over $350 million in more than 10 businesses in the country. Its investments span several high-impact sectors such as financial services, infrastructure, food and agriculture, and Pakistan’s growing venture capital market.
Pakistan is a priority market for BII where it sees considerable opportunities for its patient and flexible capital to be deployed at scale, to support the private sector that helps to deliver economic growth by creating jobs and improving access to goods and services that benefit communities. To help bridge the financing gap for private sector businesses, BII will continue to back local financial institutions that expand access to finance for promising entrepreneurs and local businesses that are contributing to inclusive and productive economic growth.
The reception was hosted by BII CEO, Nick O’Donohoe, and Sarah Mooney, the British Deputy High Commissioner to Karachi and Director of Trade Pakistan. In attendance were business leaders and key stakeholders in Pakistan including Ali H Shirazi (Atlas Solar), Ali Muktar (Fatima Gobi Ventures), Roshaneh Zafar (Kashf Foundation), Danish Iqbal (Gul Ahmed Metro) and many more.
Sarah Mooney said: “It has been a pleasure to host BII today, an organisation which has provided consistent support to Pakistan’s economy over the last 35 years and is now needed more than ever. BII’s investment in key strategic areas has strengthened UK-Pakistan economic cooperation by delivering economic growth and creating jobs. BII’s current focus on the renewable energy sector and climate solutions will assist Pakistan to build inclusive prosperity, sustainable growth and a greener economy.”
In his speech at the reception, Nick O’Donohoe highlighted that Pakistan’s renewable energy sector will remain an important strategic investment focus for BII. With $185 million invested in Pakistan’s renewable energy infrastructure, the DFI’s capital supports wind, solar and hydropower projects with a total operational capacity of 462 Megawatts (MW).
Chief Executive Officer, Nick O’Donohoe remarked: “We are delighted to mark the start of this year’s celebration, in a country where we have established strong and successful partnerships for over three decades. We have a clear ambition to invest in climate change solutions, environment-positive innovations and renewable power projects in Pakistan. These investments will support Pakistan to build their resilience and adapt to the impact of climate change. Furthermore, they will not only deliver clean, reliable and affordable energy, but also improve standards of living for households and uplift communities with a potential to transform the entire country.”
British International Investment has an office in Karachi, which is headed by Habib Yousuf, BII Regional Director for South Asia. The DFI’s investment activities in Pakistan include:
- Metro-BII Renewables joint venture in partnership with Gul Ahmed Metro Group. The platform will add up to 500 MW of low-cost renewable power to Pakistan’s grid, support up to 17,000 jobs and supply electricity to over 850,000 consumers.
- Atlas Solar PV and Pakistan wind power projects which are generating 250MW of clean and affordable power and serving approximately 440,000 consumers in Pakistan.
- Zephyr Power mangrove restoration project to protect the wind farm’s physical infrastructure from increased flooding due to rising sea levels.
- Partnership with HBL to mitigate the impact of COVID-19 on the trade supply chains across south Asia and Africa and increase liquidity and support import of essential consumer goods and essential resources.
- Kashf Foundation, one of Pakistan’s leading microfinance institutions, which is helping to increase flexible finance to women micro-entrepreneurs, and improve their economic opportunities and standard of living.
- Techxila Fund I, a local venture capital fund managed by Fatima Gobi Ventures (FGV). BII’s capital enables the VC fund to invest in tech-enabled businesses that are driving impact for Pakistan’s workers, consumers, and suppliers. To date, they have invested in 20 companies, which have created over 1,700 jobs.
ENDS
Notes to Editors
British International Investment Media Contact: Paschorina Mortty | pmortty@bii.co.uk
