KfW Development Bank and the Aga Khan Foundation (AKF), in collaboration with the Aga Khan Rural Support Programme (AKRSP) and Accelerate Prosperity (AP) launched the “Start-up Pakistan” initiative to support the growth of Start-ups and SGBs in Pakistan.
The initiative is financed by the Federal Ministry for Economic Cooperation and Development (BMZ) of Germany and specifically aims to scale up Accelerate Prosperity’s existing model of technical support and financing to businesses into new geographies such as Punjab and across exciting sectors such as education, health, tourism and green economy, prioritizing digitization and environmental sustainability.
AP will also be leading efforts to bring together the ecosystem as a whole and work together to conduct capacity building and improve investment readiness efforts for businesses across the country.
Mr Azfar Manzoor, Special Secretary, Minister of State for Information, Technology and Telecommunications who was the chief guest at the event highlighted the Government’s efforts to extend every possible support for creating job opportunities for the youth.
He noted that, “Pakistan, with its substantial youth population, is ideally situated to harness entrepreneurship as a key engine for economic growth and job creation. Prioritizing the development of small and growing businesses will not only foster a stronger entrepreneurial culture but also open up more employment opportunities.”
In his opening remarks, Dr. Sebastian Paust, Head of Development Cooperation at German Embassy noted, “Start-ups are catalysts for innovative economic growth, but they need a conducive business climate – still a big challenge here in Pakistan.
Today, the long-standing development partnership between Germany and Pakistan celebrates the initiation of a promising endeavor: this project is designed not just to promote the creation of startups but to lay the groundwork for a thriving entrepreneurial ecosystem that can contribute to job creation, innovation, and economic stability.”
Akhtar Iqbal, CEO AKF, Pakistan added, “Todays launch ceremony bring together diverse stakeholders including senior Government representatives, private sector leaders, financial institutions, academia, startup foundations and development organisations.
Through this initiative, we see a clear path to work together towards more resilient and sustainable economic opportunities where start-ups have a key role to play in effectively utilising country’s talent and strong economic potential. The project is another testimony of decades of partnership between AKDN and Germany.”
In his closing remarks, Sebastian Jacobi, KfW Country Director for Pakistan noted, “The vision we share is clear: a Pakistan where entrepreneurs can not only dream but also build, innovate, and contribute to an inclusive and resilient economy.
Let us commit to working hand in hand to make this vision a reality and to create opportunities for young and bold entrepreneurs.”
The launch ceremony highlighted the project’s commitment to driving economic growth through entrepreneurship and innovation, featuring inspiring success stories and insights from key public and private sector stakeholders, including startups, investors and development organisations. A panel of experts explored the challenges, opportunities and policy reforms needed to build a supportive and sustainable ecosystem for startups in Pakistan.
By targeting pre-revenue and post-revenue start-ups, this project aims to create over 2,500 direct jobs and support 1,500 entrepreneurs, 50% of whom will be women and youth. It also contributes to Pakistan’s alignment with the United Nations’ Sustainable Development Goals (SDGs), particularly SDG 8 for Decent Work and Economic Growth and SDG 5 for Gender Equality.
