ISLAMABAD: The International Financing Corporation (IFC) has invested $3 million in Pakistan’s first women-led venture capital fund, i2i Ventures, under its Startup Catalyst Programme that supports innovative early-stage startups, the global development institution said recently.
The IFC focuses on the private sector in developing countries by advancing economic development, creating jobs and improving the lives of people, according to its website. The fund aims to back founders by investing in pre-seed and seed-stage startups.
On the other hand, i2i Ventures is a startup accelerator and a venture capital firm based in Pakistan that focuses on supporting and investing in early-stage startups and entrepreneurs in the region.
The IFC said its catalyst program invests in incubators and accelerators supporting startups in underserved markets and i2i Ventures was extending extensive support for early-stage startups in Pakistan.
“The financing comprises up to $2 million from IFC’s account and up to $1 million from the Women Entrepreneurs Finance Initiative (We-Fi), which supports women-owned and led firms and builds the capacity of women entrepreneurs to run high-growth businesses,” the IFC said in a statement.
i2i Ventures, set up by Kalsoom Lakhani and Misbah Naqvi in 2019, provides crucial early-stage financing for startups and backs founders by providing them with hands-on support.
“We saw firsthand both how hard it was to build businesses in Pakistan, and how resilient Pakistani founders were as a result,” Naqvi said. “i2i Ventures was born from that experience of seeing up close the potential of startups in the market, and the need for founder-centric investors who understood business and market challenges and could support their growth at the early stage.”
Zeeshan Sheikh, IFC country manager for Pakistan and Afghanistan, said his corporation aimed to ensure startups continue to access crucial funding and support.
“There is tremendous potential in Pakistan for startups to develop and scale up new technologies and tech-enabled business models that address issues such as climate change or help increase access to quality education, health care, and financial services, among others,” he said.
“But early-stage entrepreneurs, and particularly women, face significant challenges in accessing the resources they need to launch and grow their businesses. Tackling this is critical to build ecosystems that boost innovation and entrepreneurship.”
IFC’s Startup Catalyst Program, launched in 2016, has supported 22 accelerators and seed funds that have invested in over 1,180 startups in 24 emerging markets so far, according to corporation.
Earlier this month, DealCart, a Pakistani e-commerce startup focused on transforming the way consumers access essential goods, successfully raised $3 million in a funding round led by leading Middle East investment fund, Shorooq Partners.
IFC invests $3 million in Pakistan’s first women-led venture capital fund
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IFC invests $3 million in Pakistan’s first women-led venture capital fund
- Pakistan’s i2i Ventures accelerator provides early-stage funding to startups
- The venture capital fund backs founders by providing them hands-on support
Security guard shoots and injures two Chinese nationals at Karachi factory — police
- Incident follows two Chinese nationals killed in suicide bombing in Karachi last month
- Beijing has recently publicly spoken out about security threats to its nationals in Pakistan
KARACHI: A security guard at a factory in the southern Pakistani city of Karachi shot and injured two Chinese nationals on Tuesday, police said, in an incident that is likely to put further strain on recently fraying relations between Islamabad and longtime ally Beijing.
China, breaking with tradition, has recently publicly spoken out against security threats to its workers and nationals living in Pakistan, where hundreds of them work on Beijing-funded projects linked to the over $60 billion China-Pakistan Economic Corridor (CPEC).
Last month, two Chinese nationals were killed in a suicide bombing near the international airport in Karachi. In March this year, a suicide bombing killed five Chinese engineers and a Pakistani driver in northwestern Pakistan as they headed to the Dasu Dam, the biggest hydropower project in the country. In 2022, three Chinese educators and their Pakistani driver were killed when an explosion ripped through a van at the University of Karachi. A blast on a bus killed 13 people in north Pakistan in 2021, including nine Chinese nationals.
The latest shooting took place at a factory in Karachi’s SITE industrial area, after which two injured Chinese citizens were rushed to Liaquat National Hospital.
Deputy Inspector General of Police South, Syed Asad Raza, said the factory guard opened fire at the Chinese nationals after an argument. He did not name the factory, specify whether the Chinese nationals were employees there or what the argument was about.
“According to preliminary investigation, the guard opened fire after a heated argument with the Chinese nationals, leaving two Chinese citizens injured,” Raza told Arab News.
“Two Chinese nationals have been brought to hospital. Both are under treatment,” Dr. Amjad Rizvi, a hospital spokesman, told Arab News.
Sindh Home Minister Zia ul Haq Lanjar has directed police to conduct a “thorough investigation,” his office said.
Pakistan said in a joint statement last month it had agreed to increase security for Chinese citizens and projects in the South Asian nation, as Beijing called for urgent security measures following an escalation in militant threats in the country.
China has pumped billions of dollars into Pakistan over the years building infrastructure under the Belt and Road Initiative, while also running a strategic port and a major mine in the country.
Toxic smog wreathes India’s capital, Pakistan’s Lahore as winter nears
- Punjab government has blamed pollution wafting in from India for Lahore’s worsening air quality
- Authorities in Punjab have taken emergency measures in wake of unprecedented pollution levels
NEW DELHI: A toxic smog shrouded the Indian capital on Tuesday, driving air quality in some areas into the “severe” range ahead of winter, when cold air traps pollutants and brings a spike in respiratory illnesses.
The mix of smoke, emissions, and dust is an annual problem for authorities in New Delhi, with vehicles, construction dust, and smoke from farm fires in the adjoining northern states of Punjab and Haryana among the major contributors.
“The outlook for the subsequent six days: the air quality is likely to be in the ‘very poor’ to ‘severe’ category,” said the earth sciences ministry.
The city’s overall score on an air quality index kept by India’s top pollution authorities was ‘very poor’ at 384, the ministry added, and was likely to stay there until Thursday.
An index range of 401 to 500 falls into the ‘severe’ category, implying it affects healthy people, but is more serious for those already fighting disease.
Ministry data showed farm fires have increasingly swelled the pollution over the last three days, for a share of more than 23 percent on Monday, from about 15 percent on Saturday.
About a third of the city’s 39 monitoring stations showed a ‘severe’ score of more than 400 on Tuesday, said the Central Pollution Control Board (CPCB), well short of an air quality score of zero to 50 that it rates as ‘good’.
Swiss group IQAir also rated Delhi the world’s second most polluted city on Tuesday, after Lahore in neighboring Pakistan, where authorities also took emergency measures in the wake of Sunday’s unprecedented pollution levels.
The government in the eastern province of Punjab, home to Lahore, has blamed deteriorating air quality on pollution wafting in from India, an issue it has vowed to take up with its neighbor through the foreign ministry.
Pakistan, Uzbekistan businesses explore joint ventures in Tashkent meeting
- The business-to-business meetings spanned a variety of industries, including textiles, food processing, engineering and logistics
- Pakistan is seeking to promote closer economic ties with regional and international allies to bolster its fragile $350 billion economy
ISLAMABAD: Representatives of more than two dozen Pakistani companies and over one hundred leading Uzbek enterprises met in Tashkent and discussed joint projects in diverse sectors, the Pakistani commerce ministry said on Monday.
The discussions took place at the Uzbek-Pakistani Business Forum, complementing the 9th intergovernmental commission meeting on economic cooperation between Uzbekistan and Pakistan, according to the Pakistani ministry.
These business-to-business (B2B) meetings spanned a variety of industries, including textiles, food processing, engineering and logistics, underscoring the shared commitment of both nations to explore collaborative business opportunities.
Addressing the forum, Pakistan’s Commerce Minister Jam Kamal Khan highlighted Pakistan’s investment-friendly environment and encouraged Uzbek businesses to consider collaborative projects in Pakistan.
"He emphasized that such interactions pave the way for deepened commercial ties and contribute to regional economic stability," the commerce ministry said.
Uzbekistan’s Minister of Investment, Industry and Trade Laziz Kudratov echoed these sentiments, welcoming Pakistani enterprises and emphasizing the Uzbek government’s commitment to fostering a supportive atmosphere for international partnerships.
"Initiatives like the Business Forum play a crucial role in propelling trade and investment forward, creating new opportunities for entrepreneurs," he was quoted as saying.
The development comes as Pakistan seeks to enhance regional connectivity with landlocked Central Asian states by providing them access to its warm water ports. It recently offered Central Asian states to become part of the China-Pakistan Economic Corridor project, under which Beijing has pledged around $65 billion in energy, infrastructure and other projects in Pakistan.
The South Asian country narrowly avoided a sovereign default last year and has since sought to promote closer economic ties with regional and international allies to bolster its fragile $350 billion economy, which has been suffering from a prolonged macroeconomic crisis.
Iranian FM arrives in Pakistan to discuss Middle East situation, bilateral ties
- Seyed Abbas Araghchi’s visit takes place amid surging regional tensions between Israel and Iran
- Islamabad, Tehran have had a rocky relationship despite agreements on trade, energy and security
ISLAMABAD: Iran’s Foreign Minister Seyed Abbas Araghchi has arrived in Islamabad on a two-day official visit to hold consultations with the Pakistani leadership on the evolving Middle East situation and discuss bilateral ties with Pakistan, state-run media reported on Tuesday.
Araghchi was welcomed by Pakistan’s Additional Foreign Secretary (Afghanistan and West Asia) Ambassador Ahmed Naseem Warraich upon his arrival in Islamabad, a foreign office press release said.
Araghchi’s Islamabad visit takes place after last month’s escalation in hostilities between Iran and Israel, with both countries firing missiles at each other. Israel carried out strikes against Iran on Oct. 26, saying it was responding to missile attacks conducted by Tehran earlier in the month.
Since the deadliest attack in its history on Oct. 7, 2023, Israel has been fighting Hamas in Gaza and since late September, it has been at war with Hezbollah in Lebanon. Both Hezbollah and Hamas are allies of Iran. Pakistan, a major ally of Saudi Arabia, shares a long border with Iran.
“Iranian Foreign Minister Seyed Abbas Araghchi arrived here late Monday night on a two-day official visit to hold consultations with Pakistan’s leadership on the situation in the Middle East and bilateral relations,” state-run Associated Press of Pakistan (APP) reported.
The APP said Araghchi will meet Prime Minister Shehbaz Sharif and Deputy Prime Minister and Foreign Minister Ishaq Dar during his two-day visit.
“This visit provides an important opportunity to advance cooperation and dialogue between Pakistan and Iran on a wide range of areas including trade, energy and security,” APP said.
Pakistan and Iran have had a rocky relationship despite several commercial pacts between the two countries on trade, energy and security. Both countries signed the $7 billion Iran-Pakistan gas pipeline project agreement in 2004 but 20 years on, the project remains incomplete. Tehran has completed the pipeline’s construction on its side of the border while Pakistan is seeking a US waiver to go ahead with it due to international sanctions targeting Tehran.
Pakistan and Iran are also often at odds over instability on their shared porous border, with both countries routinely trading blame for not rooting out militancy.
Tensions surged in January when Pakistan and Iran exchanged airstrikes, both claiming to target alleged militant hideouts in each other’s countries. Late Iranian president Ebrahim Raisi visited Pakistan in April on a three-day visit aimed at strengthening bilateral relations and easing tensions. The two sides also signed memorandums of understanding in the fields of trade, science technology, agriculture, health, culture, and judicial matters.
Pakistan reports fresh polio case from Balochistan, taking 2024 tally to 46
- Poliovirus detected in male child from Killa Saifullah district, says polio eradication program
- Pakistan’s immunization campaigns suffer from misinformation campaigns and militant attacks
KARACHI: Pakistan’s southwestern Balochistan province has detected a fresh poliovirus case in a male child, the country’s polio eradication program said on Tuesday, taking the total number of cases reported this year to 46 as Islamabad struggles to clamp down on the infection.
The National Institute of Health’s (NIH) laboratory confirmed detecting the virus in a male child from Killa Saifullah district in Balochistan, the program said.
“This is the second polio case from Killa Saifullah, where several environmental samples have tested positive for WPV1,” the Pakistan Polio Eradication Program said. “So far, 23 cases have been reported from Balochistan province, 12 from Sindh province, nine from KP and one each from Punjab and Islamabad.”
Pakistan and Afghanistan are the only two countries where polio remains endemic. Since late 2018, Pakistan has seen a resurgence of cases and increased spread of poliovirus, highlighting the fragility of gains achieved in the preceding years when cases dropped in 2023 to six, from 20 in 2022 and just one in 2022. Misinformation about vaccinations and attacks by militants on polio teams have been major impediments to immunization campaigns.
At least seven people, including five school students, were killed and 23 injured in a blast in southwestern Pakistan that targeted a polio vaccination team vehicle on Friday, police said. No group has claimed responsibility for the attack. Last Tuesday, a policeman was killed in an attack on a health office that manages door-to-door polio vaccination campaigns.
The attacks have coincided with Pakistan’s third nationwide polio campaign this year, launched last week with the aim to administer vaccine drops to more than 45 million children.
Pakistani Prime Minister’s Focal Person for Polio Eradication, Ayesha Raza Farooq, has said that the government is revamping its polio eradication program to make the country free of the virus by mid next year.
“WPV1 has been detected in 76 districts, indicating widespread circulation of the virus and a continued serious risk to children’s well-being from a disease that can paralyze them for life,” the polio eradication program said.
“Multiple doses of the oral polio vaccine and completion of the routine vaccination schedule for all children under the age of five is essential to keep them protected.”
