VISA Foundation Contributes ‘Akhuwat' $250,000 to Pakistani Small and Micro Business

VISA Foundation Contributes ‘Akhuwat' $250,000 to Pakistani Small and Micro Business

Posted on Sep 21, 2021

Akhuwat has been awarded money by the Visa Foundation to promote COVID-19 relief loans with a focus on female-led small enterprises.

September 20th, 2021, Karachi, Pakistan: Visa Foundation announced a $250,000 grant to assist Pakistan's small and micro businesses (SMBs). This financing comprises grants to programs that offer training, support services, and access to finance to small and medium-sized businesses (SMBs), all with a gender-inclusive and diverse perspective.

Akhuwat, the world's biggest interest-free microfinance institution, will receive the funding on a local level. Akhuwat aims to relieve poverty and empower socially and economically disadvantaged people. The money will be used to support COVID-19 relief loans with a focus on female-led small enterprises.

The funding is part of the Visa Foundation's Equitable Access Initiative, a $200 million strategic commitment announced in April 2020 to address the longer-term needs of SMBs, with a particular emphasis on women's economic advancement, which will be critical for long-term economic recovery following the COVID-19 pandemic.

“Small businesses are the economic backbone. It is critical to provide small company owners and entrepreneurs with the tools, information, and skills necessary to rebuild – or start – stronger companies in the present environment,” said Kamil Khan, Visa's Country Manager for Pakistan. “At Visa, we are proud that the Visa Foundation is supporting organizations like Akhuwat that are addressing the needs and assisting in the removal of funding barriers faced by gender-diverse and inclusive SMBs in Pakistan, thereby contributing to the development of stronger communities where everyone can thrive.”

Small and medium-sized companies (SMBs) account for more than 90% of worldwide enterprises and over 60% of global employment. Globally, there is a $300 billion annual credit gap in financing for women-owned small and micro enterprises, which is projected to increase further due to the effect of the present economic crisis. “Equitable and efficient access to resources and finance are critical for the survival and development of SMBs now more than ever,” said Graham Macmillan, President of the Visa Foundation. “Visa Foundation is dedicated to supporting groups that assist small and medium-sized businesses in their efforts to promote a more equitable economy.”

Visa Inc. (NYSE: V) and the Visa Foundation are dedicated to assisting SMBs in growing and recovering from the COVID-19 epidemic. Visa's mission is to provide small business owners and entrepreneurs with the information, skills, and access to networks and financial services that will enable them to enhance their economic well-being and, in turn, create a ripple effect across their communities.

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Pakistan News Covid 19

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