IBA SDGs Innovative Financing Challenge in collaboration with UNDP

June 27, 2024: United Nations Development Programme (UNDP) in partnership with IBA’s Center for Entrepreneurial Development (IBA-CED) and JS bank conducted the finale of the SDGs Innovative Financing Challenge Cup to promote sustainable and climate-resilient businesses in Pakistan.
The SDGs Innovative Financing Challenge Cup is a groundbreaking initiative that combines public-private partnerships to support climate-resilient projects tackling social and environmental challenges aligned with SDGs. SDGs Innovative Financing Challenge Cup attracted over 200 applications, shortlisting 30 SMEs and projects for capacity-building workshops, equipping them with skills in product design, marketability and SDGs related blended finance.
The workshop led to a competition for 30 projects, with the top 10 finalists announced. The winning projects received grants from UNDP Pakistan and financing from JS Bank, enabling them to scale operations and contribute to Pakistan's sustainable development. Over 350 attendees attended an event featuring students, vocational training institutes, startups, representatives from IBACED, JS Bank, UNDP Pakistan, and Business Incubation Centers.
Ammara Durrani, Assistant Resident Representative, Development Policy Unit, UNDP Pakistan, said, “This initiative marks a significant milestone, as it is the first time that such blended financing is being offered. Our aim is not just to offer blended finances to these chosen projects but also help them build their capacities and foster meaningful linkages within the private sector for future cooperation”. Dr. Lalarukh Ejaz, Director CED welcomed the guests and participants and briefed about the project and shared that “the collaboration between UNDP, JS Bank, and IBA CED to organize an SDGs Innovative Finance Challenge Cup, aimed at encouraging entrepreneurs with SDG-aligned projects to pitch their innovative solutions”.
Syed Jafar Raza, Group Head Investment, International & Transactional Banking, JS Bank also shared his comments, “This collaboration between JS Bank, UNDP, and IBA is a powerful example of how public-private partnerships can drive positive change. By combining our expertise as a financial service provider and UNDP’s knowledge in sustainable development, we aim to empower and nurture creative solutions with a positive social impact and contribute to sustainable Pakistan".
The winning projects, deemed exceptional by a panel of evaluators from UNDP Pakistan, JS Bank, and IBA Karachi, received grants and loans to advance their innovative solutions. Pakistan's SMEs, Vitality Vehicles, Concept Loop, Knowledge Platform, and Davaam Life, were awarded support to scale their operations and contribute to sustainable development, enabling them to reduce emissions and promote environmental literacy.The SDGs Innovative Financing Challenge Cup marks a significant achievement, fostering a robust ecosystem for climate resilience, inclusive insurance, and groundbreaking social enterprises in Pakistan, therefore paving the way for a more sustainable future for all.