Karachi: The United Nations Development Programme (UNDP), in collaboration with JS Bank and the Institute of Business Administration’s Center for Entrepreneurial Development (IBA-CED), hosted the finale of the SDGs Innovative Financing Challenge Cup. This event, aligning with the United Nations Day of Micro, Small, and Medium-sized Enterprises, highlighted the commitment of these organizations to bolster climate-resilient small and medium enterprises (SMEs) in Pakistan.
According to Institute of Business Administration – Karachi, The Challenge Cup finale attracted a diverse audience of over 350 attendees, including stakeholders from academia, industry, and finance. The initiative aims to integrate public-private partnerships to provide both financial support and capacity building to SMEs that address social and environmental challenges in line with the Sustainable Development Goals (SDGs).
Over 200 applications were received from across the country, with 30 SMEs being shortlisted to participate in workshops that enhanced skills in product design, financial planning, and marketability with a focus on SDG-related financing. The top ten finalists presented their projects at the event, where the top four were awarded financial grants from UNDP and subsequent financing from JS Bank. The winners included Vitality Vehicles (Vlektra), Concept Loop, Knowledge Platform, and Davaam Life, each contributing solutions from electric motorcycles to educational games promoting environmental literacy.
Ammara Durrani from UNDP Pakistan emphasized the uniqueness of this blended financing model, marking a first in the region to combine grants and financial backing to support impactful environmental projects. Dr. Lalarukh Ejaz of IBA-CED and Syed Jafar Raza from JS Bank also highlighted the importance of such collaborations in driving sustainable development and empowering innovative solutions that can lead to a more sustainable Pakistan.
The SDGs Innovative Financing Challenge Cup not only showcases innovative projects but also sets a precedent for future initiatives that aim to foster economic growth while addressing pressing environmental and social challenges.