Proparco, the development finance arm of the French Development Agency (AFD), has strengthened its commitment to empowering women entrepreneurs in Pakistan with a $15 million loan to Kashf Foundation. This marks their third collaboration since 2017, furthering their shared goal of promoting financial inclusion and gender equality.
Founded by Roshaneh Zafar in 1996, Kashf Foundation has been a leader in supporting women-led businesses, providing microcredit, micro-insurance, financial education, and mentorship. The foundation also works to promote gender equality within households, ensuring women have the tools to lead and make decisions in both their families and communities.
The renewed partnership aligns with Proparco’s 2023-2027 goals, focusing on fostering a sustainable economy and addressing gender disparities. The collaboration aims to expand financial services to underserved regions, particularly for women entrepreneurs, and enhance access to micro-insurance products to address climate change resilience.
Djalal Khimdjee, Deputy CEO of Proparco, expressed his enthusiasm for the partnership:
“We are delighted to strengthen our long-term partnership with Kashf Foundation through this $15 million transaction. This collaboration supports Kashf’s efforts to deploy financial inclusion services in underserved regions and develop micro-insurance products to help clients become more resilient to climate change. The project reflects Proparco’s regional priorities: reducing gender inequalities, increasing economic opportunities, and fostering climate resilience.”
For Kashf Foundation, the partnership represents a significant step toward expanding its impact. Founder Roshaneh Zafar said,
“At Kashf, we’ve seen what happens when women are given the chance to lead. They not only lift themselves out of poverty but also uplift entire communities. This partnership with Proparco allows us to extend that impact, empowering women to shape their destinies and inspire others to follow.”
The loan will allow Kashf Foundation to disburse over 70,000 additional micro-loans to women entrepreneurs, significantly increasing financial inclusion and providing capital to help grow businesses. The funds will also support micro-insurance products to help women better cope with economic and environmental challenges.
This initiative is part of the 2X Challenge, which focuses on women’s economic empowerment and aims to bridge the gender gap in economic opportunities. The program will have a significant social impact, particularly in rural and underserved areas of Pakistan, where access to financial services remains limited.
The collaboration between Proparco and Kashf Foundation demonstrates the power of targeted financial support to drive gender equality and economic empowerment. By providing women with the tools to succeed, this partnership will not only uplift individual lives but also contribute to building more resilient communities capable of withstanding economic and environmental challenges.
As the partnership evolves, it holds the potential to create a lasting impact on Pakistan’s economy and society, empowering women to become key drivers of growth, innovation, and sustainability. The shared commitment of Proparco and Kashf Foundation to financial inclusion and gender equality will continue to advance economic rights and opportunities for women across Pakistan.
