The United Nations Development Programme (UNDP), in collaboration with IBA’s Center for Entrepreneurial Development (IBA-CED) and JS Bank, recently concluded the SDGs Innovative Financing Challenge Cup in Pakistan. This pioneering initiative aimed to promote sustainable and climate-resilient businesses aligned with the Sustainable Development Goals (SDGs).
The Challenge attracted substantial interest, receiving over 200 applications nationwide. Thirty SMEs and projects were shortlisted and participated in capacity-building workshops focused on areas like product design, financial planning, and marketability, emphasizing SDGs-related blended financing.
Following these workshops, the competition intensified, narrowing down the participants to the top 10 finalists. These finalists showcased their innovative solutions at the event finale, where a panel of evaluators from UNDP Pakistan, JS Bank, and IBA selected the winning projects.
The top four SMEs and projects received a unique blend of financial support: grants from UNDP Pakistan followed by financing from JS Bank. This combined approach empowers the winners to scale their operations and maximize their positive impact on Pakistan’s sustainable development goals.
The event itself was a significant gathering, attended by a diverse audience of over 350 individuals, including students, startups, and representatives from various organizations and institutes. The collaboration between UNDP, JS Bank, and IBA-CED underscores the power of public-private partnerships in driving positive change and fostering innovation.
Ammara Durrani from UNDP Pakistan highlighted the milestone achieved through this initiative, emphasizing its role in offering blended finances and building capacities among entrepreneurs. Dr. Lalarukh Ejaz of IBA-CED emphasized the initiative’s goal of supporting SDG-aligned projects, while Syed Jafar Raza from JS Bank reiterated the transformative potential of such partnerships in promoting sustainable development in Pakistan.
The winning projects included Vitality Vehicles (Vlektra), Concept Loop, Knowledge Platform, and Davaam Life, each recognized for their innovative approaches to addressing environmental and social challenges. These ventures represent a step forward in creating a robust ecosystem for climate resilience and social entrepreneurship in Pakistan, paving the way for a more sustainable future.
In conclusion, the SDGs Innovative Financing Challenge Cup stands as a testament to collaborative efforts in fostering impactful solutions and advancing sustainable development goals in Pakistan.