The State Bank of Pakistan and Shirakat – Partnership for Development co-hosted an event to commemorate International Women’s Entrepreneurship Day on 19th November 2024. The gathering highlighted the critical role of women entrepreneurs in Pakistan’s economic landscape and reinforced the commitment of stakeholders to fostering inclusive growth and empowerment.
The State Bank of Pakistan (SBP) has been at the forefront of promoting financial inclusion and gender equality through its Banking on Equality Policy, which fosters inclusive practices within the financial sector. This policy aims to improve women’s access to financial services, helping them gain the financial resources needed to grow their businesses and achieve economic independence. SBP’s commitment to gender-inclusive banking is helping create an ecosystem that supports women entrepreneurs in Pakistan.
Shirakat—Partnership for Development is a local Pakistani civil society organization that has been working on climate justice, gender justice and economic justice for the past 19 years. Created in response to one of the most devastating natural disasters in Pakistan’s history—the earthquake in 2005—Shirakat was originally constituted of a group of loosely connected volunteers seeking to address the needs of affected women and girls. Since the organization was formally registered in 2010, it has expanded its scope to address myriad socioeconomic challenges Pakistani society. Under its economic justice/economic empowerment programme, it has financially and technically supported 750 women agricultural entrepreneurs to increase their income through solar drying of fruits and vegetables. The women have come together to form the first ever women agripreneurs cooperative in Pakistan. Over 4000 young women and men have received technical and vocational training and are earning. Five hundred women microentrepreneurs have been helped to accelerate their income through capacity building measures including digital marketing and are in the process of forming an association. Over 6,000 have now access to credit.
The event brought together key partners, including CARE International, Karandaaz, and several commercial banks of Pakistan. Their participation underscored the importance of multi-sector collaboration in supporting women’s economic empowerment through access to financial resources, training, and entrepreneurial opportunities. Representatives from these organizations shared their initiatives aimed at promoting women-led enterprises and fostering inclusive economic growth.
In her address the chief guest – Ms. Tahira Sheikh, the managing director of the National Education Foundation highlighted the importance of education and skill development of girls and women for a prosperous Pakistan. The guest speaker Ms. Simona Lanzoni, ex-member Council of Europe and Vice President of an Italian women’s group Pangea Onlus provided insights into global and local efforts to empower women in business. A compelling roleplay depicted the struggles of a skilled woman facing familial opposition to her work, emphasizing the importance of enabling women to utilize their talents to support their families and overcome societal barriers.
Bilquis Tahira, Executive Director of Shirakat, shared insights into Shirakat’s extensive work over the past two decades to empower women and marginalized communities. She highlighted key initiatives such as the Women’s Leadership and Economic Empowerment (WLE) and Women Agripreneurs Project (funded by the British Asian Trust) and Power to the Youth project (funded by the European Union through Norwegian Church Aid), which has trained 2500 women and youth for livelihoods opportunities. She also underscored Shirakat’s facilitation of credit access which has enabled many women and youth to build sustainable livelihoods, educate their children, and contribute to their communities.
Imtiaz Ali, Deputy Chief Manager of the State Bank of Pakistan, discussed the State Bank’s commitment to promoting financial inclusion and gender equality. He highlighted the Banking on Equality Policy, which focuses on creating gender diversity in financial institutions and developing women-centric banking products. He emphasized that initiatives like the Refinance and Credit Guarantee Scheme for Women Entrepreneurs and the National Financial Literacy Program have significantly enhanced women’s access to financial resources and education, empowering them to scale their businesses and participate in the economy more effectively.
The event underscored the importance of investing in women-led businesses and creating a supportive ecosystem that offers mentorship, financial solutions, and capacity-building opportunities. It served as a powerful platform to celebrate the achievements of women entrepreneurs and inspire stakeholders to collaborate in building an inclusive and equitable future.
Attendees also experienced a compelling roleplay depicting the struggles of a skilled woman facing familial opposition to her work. The story emphasized how utilizing her skills from home could help stabilize her financially deteriorating family, underscoring the importance of empowering women to overcome societal barriers.
Additionally, success stories from Shirakat, CARE International, and the State Bank of Pakistan were shared, showcasing the impact of their respective initiatives in transforming the lives of women entrepreneurs. These narratives highlighted how access to training, financial inclusion, and business opportunities have enabled women to contribute to their families’ well-being and the nation’s economy.
The event served as a platform to recognize the resilience and creativity of women entrepreneurs and called for sustained efforts to address systemic challenges. By celebrating their achievements and fostering an ecosystem of support, the event reinforced the collective commitment to creating an inclusive and equitable future.
