Karachi—A Memorandum of Understanding (MoU) was signed between Engro Foundation and SEED Ventures, which will result in developing and implementing structured programs for corporate incubation and impact investment. Furthermore, the two entities will be working together to develop the enterprise and social enterprise landscape of the country. The MoU was signed by Head of Engro Foundation Aman ul Haque and SEED Ventures’ Chief Executive Officer & Co-Founder Faraz Khan in Karachi, in the presence of Director & Co-Founder SEED Ventures Khusro Ansari, Director Engro Foundation Favad Soomro, and senior management from SEED.
According to the MoU, SEED and Engro Foundation have agreed to work collaboratively as partners through various programs that would promote and enhance the entrepreneurial capacity of various cities across Pakistan. The partners are also focusing on impact investments engaging local stakeholders and studying the landscapes of cities across Pakistan for the best possible interventions. Speaking at the occasion, Aman ul Haque, Head of Engro Foundation said: “On behalf of Engro Foundation, we are delighted to sign an MOU with SEED Ventures. As a corporate foundation we are focused on investing in our communities and our value chains to include the poor and the disadvantaged. This partnership with SEED will help us move from a philanthropic model to a social investment model that not only provides employment but looks to tackle social issues at the community level. SEED provides this expertise and we look forward to learning from them on how to enable entrepreneurs and incubate enterprises.”
SEED Ventures CEO & Co-Founder Faraz Khan, a UK based Pakistani social entrepreneur and investor, commented; “It is of utmost importance that we understand the need for creating an environment conducive for entrepreneurial growth, and in doing so, do not isolate the corporate sector, rather, involve and engage them as one of the most important stakeholders. At the same time, we believe that the time is right for impact investments and venture capital firms to arise in Pakistan which will further pave way for a new breed of entrepreneurs and startups as well as bring about immense changes in the socio-economic landscape of Pakistan.”