Lahore, November 28 2019: Pakistan Microfinance Investment Company (PMIC), GharPar Tech Pvt Limited and CSC Empowerment and Inclusion Programme (CEIP) signed an MOU aimed at skill development of aspiring women entrepreneurs with the aim to foster women empowerment and enhance financial inclusion. The signing ceremony was attended by Yasir Ashfaq – CEO PMIC, Shameelah Ismail CEO GharPar and Shaista Jan CEO CEIP.
In Punjab alone the labour force participation stands at a mere 36.3%. This partnership between PMIC, CEIP and GharPar aims to create an enabling environment for women to have access to capital which will help them become micro entrepreneurs. The organizations are committed to developing financial products augmented with non-financial services that will empower over 1,500 individuals in a course of one year.
Speaking on the occasion, Shameelah Ismail CEO GharPar said, “ GharPar is bringing a transformational change in women’s lives by increasing their incomes by 600%”. She further stated “women lack access to capital which reduces their participation in the labour force, through this partnership we aim to transform 1,500 lives across Lahore.’
Yasir Ashfaq, CEO PMIC stated “The only option to achieve our full economic potential is through women empowerment. With more than 80% women clients, as the apex institution and sector developer of the microfinance sector PMIC integrates gender equality in all its areas of work. I am confident that this tripartite relationship between GharPar, CEIP and Pakistan Microfinance Investment Company (PMIC) will make an important contribution for aspiring women entrepreneurs whilst ensuring skill development.”
Shaista Jan CEO CEIP stated “We believe in bringing change at the grass-root level and ensure a tailored approach for community led- development. This partnership is extremely exciting as we can develop new products for different tiers to increase participation of women in the labour force”.
Partnerships such as these are providing the right
steps to breaking barriers, creating ease and access of capital for women to
become an integral part of the Punjab Labour force. This is will be a dynamic
change at the household level.
Pakistan Microfinance Investment Company Limited (PMIC) is registered as an Investment Finance Company under NBFCs regulations with Securities and Exchange Commission of Pakistan (SECP). It is setup jointly by, Pakistan Poverty Alleviation Fund (PPAF), Department for International Development (DFID) through Karandaaz Pakistan and the German Development Bank (KFW). PMIC currently has a loan portfolio of more than PKR 20 billion in 65 districts of the country, which comprises of 86% women borrowers and 55% of the portfolio is deployed in the rural areas. The purpose of the Organization is to improve financial inclusion, employment and wellbeing of the poor by providing wholesale financing to the microfinance service providers in the country.
GharPar Tech Private Limited
GharPar is a for profit social enterprise that provides timely, professional and at-home beauty services across Lahore, Islamabad and Rawalpindi.
CSC Empowerment Inclusion Programme (CEIP)
CEIP a microfinance company, has been actively identifying and resolving key social and economic issues faced by the underprivileged class, focusing primarily on women and youth.