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PSX hosts gong ceremony on launch of South Asia’s & Pakistan’s first gender bond

November 30, 2023

PSX hosts gong ceremony on launch of South Asia’s & Pakistan’s first gender bond

Infrazamin Pakistan, a licensed NBFI and credit guarantee provider, in partnership with Kashf Foundation, a not for profit and licensed microfinance institution, announced the closing of South Asia’s and Pakistan’s inaugural ‘Gender Bond’, thereby revolutionizing financial empowerment and inclusion for women. The bond, the launch of which was celebrated through a gong ceremony at Pakistan Stock Exchange (PSX), holds a prestigious long-term AAA rating by PACRA. The first gender bond in Pakistan marks a significant leap in Pakistan’s capital market, establishing commitment of the stakeholders to market development and providing economic opportunities for women. The bond is a Rs 2.5 billion, 3 year TFC which covers 100% principle amount return with 2 quarterly interest payments for a maximum guaranteed amount of Rs 2.850 billion, having a profit rate of 3 month KIBOR + 150 bps. Infrazamin is the guarantor while Arif Habib Ltd. was the Lead Advisor & Arranger for this bond.

Mr. Akif Saeed, the Chairman SECP, had kindly consented to be the Chief Guest at the event. It was addressed by the Caretaker Minister for Finance, Revenue & Economic Affairs, Dr. Shamshad Akhtar, through the online platform. The British Deputy High Commissioner Ms. Sarah Mooney was the Guest of Honour at this event. The hosts, PSX, were represented by the MD & CEO PSX, Mr. Farrukh H. Khan and senior management PSX. Also prominent in attendance were the board of directors of Infrazamin as well as senior management of Kashf Foundation and Infrazamin. Speakers at the event included Mr Akif Saeed, Chairman SECP; Ms. Sarah Mooney, British Deputy High Commissioner to Pakistan; Ms. Roshaneh Zafar, CEO Kashf Foundation; Mr. Boo Hock Khoo, Chairman Infrazamin; Ms. Maheen Rehman, CEO Infrazamin; and Mr. Shahid Habib, CEO Arif Habib Ltd. The gong ceremony to mark the launch of the Kashf Gender Bond was a successful one which was concluded with media bites and queries by the media with respect to the features and purposefulness of this bond.